Commercial Metals (CMC) 10-K 26 Oct 17 2017 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Aug. 31, 2017	Oct. 24, 2017	Feb. 28, 2017
Document And Entity Information [Abstract]
Trading Symbol	cmc
Entity Registrant Name	COMMERCIAL METALS CO
Entity Central Index Key	22,444
Document Type	10-K
Document Period End Date	Aug. 31, 2017
Amendment Flag	false
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--08-31
I.R.S. Employer Identification No.	750,725,338
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		115,840,033
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Minimum Percentage of Share Ownership Deemed Affiliates			10.00%
Entity Public Float			$ 2,420,166,134

CONSOLIDATED STATEMENTS OF EARN

CONSOLIDATED STATEMENTS OF EARNINGS - USD ($) $ in Thousands	12 Months Ended
	Aug. 31, 2017	Aug. 31, 2016	Aug. 31, 2015
Net sales	$ 4,569,675	$ 4,177,518	$ 5,424,413
Costs and expenses:
Cost of goods sold	4,023,265	3,580,618	4,827,562
Selling, general and administrative expenses	426,523	414,561	414,094
Loss on debt extinguishment	22,672	11,480	0
Impairment of assets	8,164	40,028	9,839
Interest expense	44,047	62,121	76,456
Total costs and expenses	4,524,671	4,108,808	5,327,951
Earnings from continuing operations before income taxes	45,004	68,710	96,462
Income taxes	12,454	10,810	33,458
Earnings from continuing operations	32,550	57,900	63,004
Earnings (loss) from discontinued operations before income taxes	10,607	(1,469)	29,389
Income taxes (benefit)	(3,175)	1,669	12,950
Earnings (loss) from discontinued operations	13,782	(3,138)	16,439
Net earnings	$ 46,332	$ 54,762	$ 79,443
Basic earnings (loss) per share:
Earnings from continuing operations	$ 0.28	$ 0.50	$ 0.54
Earnings (loss) from discontinued operations	0.12	(0.02)	0.14
Net earnings	0.40	0.48	0.68
Diluted earnings (loss) per share:
Earnings from continuing operations	0.27	0.50	0.53
Earnings (loss) from discontinued operations	0.12	(0.03)	0.14
Net earnings	$ 0.39	$ 0.47	$ 0.67

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Aug. 31, 2017	Aug. 31, 2016	Aug. 31, 2015
Net earnings (loss)	$ 46,332	$ 54,762	$ 79,443
Foreign currency translation adjustment:
Foreign currency translation adjustment	30,509	(11,771)	(83,063)
Reclassification for translation loss (gain) realized upon liquidation of investment in foreign entity	968	12,597	(10,127)
Foreign currency translation adjustment	31,477	826	(93,190)
Net unrealized gain (loss) on derivatives:
Unrealized holding gain (loss)	756	1,618	(2,467)
Reclassification for (gain) loss included in net earnings	(1,355)	(1,737)	1,758
Net unrealized loss on derivatives	(599)	(119)	(709)
Defined benefit obligation:
Net gain (loss)	439	(132)	(169)
Amortization of net loss	154	104	99
Amortization of prior service credit	(70)	(58)	(57)
Defined benefit obligation	523	(86)	(127)
Other comprehensive income (loss)	31,401	621	(94,026)
Comprehensive income (loss)	$ 77,733	$ 55,383	$ (14,583)

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Aug. 31, 2017	Aug. 31, 2016
Current assets:
Cash and cash equivalents	$ 252,595	$ 517,544
Accounts receivable (less allowance for doubtful accounts of $8,665 and $6,427)	706,595	689,382
Inventories	614,459	540,014
Other current assets	140,251	110,464
Current assets of businesses held for sale	0	190,721
Total current assets	1,713,900	2,048,125
Property, plant and equipment:
Land	82,197	70,291
Buildings and improvements	522,468	486,703
Equipment	1,742,086	1,654,830
Construction in process	258,190	111,156
Property, plant and equipment, Gross	2,604,941	2,322,980
Less accumulated depreciation and amortization	(1,543,658)	(1,427,935)
Property, plant and equipment, Net	1,061,283	895,045
Goodwill	64,915	66,373
Other assets	135,033	121,326
Total assets	2,975,131	3,130,869
Current liabilities:
Accounts payable	282,127	207,875
Accrued expenses and other payables	307,129	263,086
Current maturities of long-term debt	19,182	313,469
Current liabilities of businesses held for sale	0	36,688
Total current liabilities	608,438	821,118
Deferred income taxes	49,197	63,021
Other long-term liabilities	110,986	121,351
Long-term debt	805,580	757,948
Total liabilities	1,574,201	1,763,438
Commitments and contingencies (Note 18)
Stockholders' equity:
Common stock, par value $0.01 per share; authorized 200,000,000 shares; issued 129,060,664 shares; outstanding 115,793,736 and 114,635,596 shares	1,290	1,290
Additional paid-in capital	349,258	358,745
Accumulated other comprehensive loss	(81,513)	(112,914)
Retained earnings	1,363,806	1,372,988
Less treasury stock, 13,266,928 and 14,425,068 shares at cost	(232,084)	(252,837)
Stockholders' equity	1,400,757	1,367,272
Stockholders' equity attributable to noncontrolling interests	173	159
Total equity	1,400,930	1,367,431
Total liabilities and stockholders' equity	$ 2,975,131	$ 3,130,869

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Aug. 31, 2017	Aug. 31, 2016
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 8,665	$ 6,427
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	129,060,664	129,060,664
Common stock, shares outstanding	115,793,736	114,635,596
Treasury stock, shares	13,266,928	14,425,068

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Aug. 31, 2017	Aug. 31, 2016	Aug. 31, 2015
Cash flows from (used by) operating activities:
Net earnings (loss)	$ 46,332	$ 54,762	$ 79,443
Adjustments to reconcile net earnings to cash flows from (used by) operating activities:
Depreciation and amortization	125,071	126,940	132,779
Share-based compensation	30,311	26,335	23,484
Loss on debt extinguishment	22,672	11,480	0
Write-down of inventory	21,529	15,555	37,652
Deferred income taxes	(14,184)	(3,889)	(13,071)
Amortization of interest rate swaps termination gain	(11,657)	(7,597)	(7,597)
Asset impairments	8,238	55,793	14,610
Net loss (gain) on sales of a subsidiary, assets and other	6,049	(2,591)	(8,489)
Provision for losses on receivables, net	6,049	6,878	3,481
Tax expense from stock plans	0	1,697	1,213
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable	(78,527)	142,510	206,633
Proceeds (payments) on sale of accounts receivable programs, net	81,731	(19,472)	(117,753)
Inventories	(98,835)	209,555	127,583
Accounts payable, accrued expenses and other payables	93,478	(43,577)	(180,517)
Other operating assets and liabilities	(63,785)	12,486	14,010
Net cash flows from operating activities	174,472	586,865	313,461
Cash flows from (used by) investing activities:
Capital expenditures	(213,120)	(163,332)	(119,580)
Proceeds from the sale of subsidiaries	163,449	4,349	27,831
Acquisitions	(56,080)	0	0
Increase in restricted cash, net	(11,128)	(21,777)	0
Proceeds from the sale of property, plant and equipment	3,164	5,113	14,925
Net cash flows used by investing activities	(113,715)	(175,647)	(76,824)
Cash flows from (used by) financing activities:
Repayments of long-term debt	(711,850)	(211,394)	(11,335)
Proceeds from long-term debt transactions	475,454	0	0
Cash dividends	(55,514)	(55,342)	(55,945)
Debt extinguishment costs	(22,672)	(11,127)	0
Stock issued under incentive and purchase plans, net of forfeitures	(5,498)	(6,034)	(1,492)
Debt issuance costs	(4,449)	0	0
Increase (decrease) in documentary letters of credit, net	22	(41,468)	(80,482)
Contribution from noncontrolling interests	14	29	38
Treasury stock acquired	0	(30,595)	(41,806)
Short-term borrowings, net change	0	(20,090)	7,802
Tax expense from stock plans	0	(1,697)	(1,213)
Decrease in restricted cash	0	1	3,742
Net cash flows used by financing activities	(324,493)	(377,717)	(180,691)
Effect of exchange rate changes on cash	(1,213)	(1,280)	(5,548)
Increase (decrease) in cash and cash equivalents	(264,949)	32,221	50,398
Cash and cash equivalents at beginning of year	517,544	485,323	434,925
Cash and cash equivalents at end of year	252,595	517,544	485,323
Noncash activities:
Liabilities related to additions of property, plant and equipment	$ 51,330	$ 29,763	$ 19,921

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Loss	Retained Earnings	Treasury Stock	Noncontrolling Interests
Beginning balance at Aug. 31, 2014	$ 1,472,806	$ 1,290	$ 359,338	$ (19,509)	$ 1,350,070	$ (218,494)	$ 111
Beginning balance, shares at Aug. 31, 2014		129,060,664
Beginning balance, treasury stock, shares at Aug. 31, 2014						(11,231,402)
Net earnings	79,443				79,443
Other comprehensive income (loss)	(94,026)			(94,026)
Cash dividends	(55,945)				(55,945)
Treasury stock acquired, shares						(2,902,218)
Treasury stock acquired	(41,806)					$ (41,806)
Issuance of stock under incentive and purchase plans, net of forfeitures	(1,492)		(15,831)			$ 14,339
Issuance of stock under incentive and purchase plans, net of forfeitures, shares						708,294
Stock-based compensation	19,621		19,621
Tax expense from stock-based plans	(1,213)		(1,213)
Contribution from noncontrolling interests	38						38
Reclassification of share-based liability awards	3,948		3,948
Ending balance at Aug. 31, 2015	1,381,374	$ 1,290	365,863	(113,535)	1,373,568	$ (245,961)	149
Ending balance, shares at Aug. 31, 2015		129,060,664
Ending balance, treasury stock, shares at Aug. 31, 2015						(13,425,326)
Net earnings	54,762				54,762
Other comprehensive income (loss)	621			621
Cash dividends	(55,342)				(55,342)
Treasury stock acquired, shares						(2,255,069)
Treasury stock acquired	(30,595)					$ (30,595)
Issuance of stock under incentive and purchase plans, net of forfeitures	(6,034)		(29,753)			$ 23,719
Issuance of stock under incentive and purchase plans, net of forfeitures, shares						1,255,327
Stock-based compensation	21,278		21,278
Tax expense from stock-based plans	(1,697)		(1,697)
Contribution from noncontrolling interests	29		19				10
Reclassification of share-based liability awards	3,035		3,035
Ending balance at Aug. 31, 2016	$ 1,367,431	$ 1,290	358,745	(112,914)	1,372,988	$ (252,837)	159
Ending balance, shares at Aug. 31, 2016	129,060,664	129,060,664
Ending balance, treasury stock, shares at Aug. 31, 2016	(14,425,068)					(14,425,068)
Net earnings	$ 46,332				46,332
Other comprehensive income (loss)	31,401			31,401
Cash dividends	(55,514)				(55,514)
Issuance of stock under incentive and purchase plans, net of forfeitures	(5,373)		(26,126)			$ 20,753
Issuance of stock under incentive and purchase plans, net of forfeitures, shares						1,158,140
Stock-based compensation	15,001		15,001
Contribution from noncontrolling interests	14						14
Reclassification of share-based liability awards	1,638		1,638
Ending balance at Aug. 31, 2017	$ 1,400,930	$ 1,290	$ 349,258	$ (81,513)	$ 1,363,806	$ (232,084)	$ 173
Ending balance, shares at Aug. 31, 2017	129,060,664	129,060,664
Ending balance, treasury stock, shares at Aug. 31, 2017	(13,266,928)					(13,266,928)

CONSOLIDATED STATEMENTS OF STO8

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Aug. 31, 2017	Aug. 31, 2016	Aug. 31, 2015
Statement of Stockholders' Equity [Abstract]
Cash dividends per share	$ 0.48	$ 0.48	$ 0.48

NATURE OF OPERATIONS

NATURE OF OPERATIONS	12 Months Ended
	Aug. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
NATURE OF OPERATIONS	NOTE 1. NATURE OF OPERATIONS Nature of Operations As a vertically integrated organization, Commercial Metals Company ("CMC," and together with its consolidated subsidiaries, the "Company") manufactures, recycles, and markets steel and metal products, related materials and services through a network including four electric arc furnace ("EAF") mini mills, an EAF micro mill, a rerolling mill, steel fabrication and processing facilities, construction-related product warehouses, metal recycling facilities and marketing and distribution offices in the United States ("U.S.") and in strategic international markets. The Company has five business segments across two geographic divisions. The CMC Americas Division includes three segments: Americas Recycling, Americas Mills and Americas Fabrication. The CMC International Division includes two segments: International Mill and International Marketing and Distribution. Americas Recycling The Americas Recycling segment processes scrap metals for use as a raw material by manufacturers of new metal products. This segment sells scrap metals to steel mills and foundries, aluminum sheet and ingot manufacturers, brass and bronze ingot makers, copper refineries and mills, secondary lead smelters, specialty steel mills, high temperature alloy manufacturers and other consumers. Americas Mills The Americas Mills segment, through our three EAF mini mills, micro mill, and rerolling mill, manufactures finished long steel products including reinforcing bar ("rebar"), merchant bar, light structural, and other special sections as well as semi-finished billets for re-rolling and forging applications. This segment's products are sold to the construction, service center, transportation, steel warehousing, fabrication, energy, petrochemical and original equipment manufacturing industries. The Americas Mills segment also includes nine scrap processing facilities and two scrap metal shredders that directly support the steel mills. Americas Fabrication The Americas Fabrication segment consists of the Company's rebar and structural fabrication operations, fence post manufacturing facilities, construction-related product facilities and facilities that heat-treat steel to strengthen and provide flexibility. Fabricated steel products are used primarily in the construction of commercial and non-commercial buildings, hospitals, convention centers, industrial plants, power plants, highways, bridges, arenas, stadiums and dams. International Mill The International Mill segment is comprised of the Company's mill operations in Poland as well as the Company's recycling and fabrication operations located in Poland. This segment manufactures rebar, merchant bar, and wire rod as well as semi-finished billets. In addition, this segment's fabrication operations sell fabricated rebar, fabricated mesh, assembled rebar cages and other rebar by-products. The International Mill's products are sold primarily to fabricators, manufacturers, distributors and construction companies. International Marketing and Distribution The International Marketing and Distribution segment includes international operations for the sale, distribution and processing of steel products, ferrous and nonferrous metals and other industrial products. Additionally, this segment includes the Company's steel marketing and distribution division headquartered in the U.S. ("CMC Cometals Steel") and a recycling facility in Singapore. Prior to August 31, 2017, this segment also included the Company's raw materials marketing and distribution division headquartered in the U.S. ("CMC Cometals"). See Note 3, Changes in Business, for additional details. The International Marketing and Distribution segment buys and sells primary and secondary metals, fabricated metals, semi-finished, long and flat steel products and other industrial products. This segment sells its products to customers, primarily manufacturers, in the steel, nonferrous metals, metal fabrication, chemical, refractory, construction and transportation industries.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Aug. 31, 2017
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned and majority owned subsidiaries and certain variable interest entities ("VIEs") for which the Company is the primary beneficiary. Intercompany account balances and transactions have been eliminated. Upon inception of an arrangement with a potential VIE, the Company performs an assessment of the contractual agreements that define the ownership structure, risks, responsibilities, indebtedness, voting rights and board representation of the respective parties when determining whether it is the primary beneficiary of the entity. The Company concludes that it is the primary beneficiary and consolidates the VIE if it has both (a) the power to direct the activities that most significantly impact the economic performance of the VIE and (b) the obligation to absorb losses of, or the right to receive benefits from, the variable interest entity that potentially could be significant to the VIE. The Company's assessment of whether it is the primary beneficiary of the VIE is continuously performed. Use of Estimates The preparation of the Company's consolidated financial statements in accordance with accounting principles generally accepted in the United States ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and reported amounts of net sales and expenses during the reporting period. Significant items subject to such estimates and assumptions include the valuation of assets received in acquisitions; the carrying value of inventory and long-lived assets, including goodwill; valuation allowances for receivables and deferred income taxes; percentage of completion accounting method for revenue recognition; share-based compensation; potential litigation claims and settlements; environmental liabilities; and the carrying value of assets held for sale. Actual results could differ significantly from these estimates and assumptions. Cash and Cash Equivalents Cash and cash equivalents include cash on deposit and short-term, highly-liquid investments with original maturities of three months or less at the date of purchase. Revenue Recognition and Allowance for Doubtful Accounts The Company recognizes sales when title passes to the customer either when goods are shipped or when they are delivered based upon the terms of the sale, there is persuasive evidence of an arrangement, the price is fixed or determinable and collectability is reasonably assured. When the Company estimates that a firm purchase commitment from a customer will result in a loss, the Company accrues the entire loss as soon as it is probable and estimable. The Company accounts for certain fabrication projects based on the percentage of completion accounting method, based primarily on contract cost incurred to date compared to total estimated contract cost. Changes to total estimated contract cost, or loss, if any, are recognized in the period in which they are determined. Sales recognized in excess of amounts billed of $34.7 million and $19.4 million are classified as current assets and are reflected in accounts receivable on the Company's consolidated balances sheets as of August 31, 2017 and 2016 , respectively. Accounts receivable included retainage of $43.2 million and $38.7 million as of August 31, 2017 and 2016 , respectively. Shipping and other transportation costs billed to customers are included in net sales and the related costs incurred are reflected in cost of goods sold in the Company's consolidated statements of earnings. The Company maintains an allowance for doubtful accounts to reflect its estimate of the uncollectability of accounts receivable. These reserves are based on historical trends, current market conditions and customers' financial condition. The Company reviews and sets credit limits for each customer. Some of the Company's divisions use credit insurance or letters of credit to ensure prompt payment in accordance with the terms of sale. Generally, collateral is not required. Approximately 28% and 30% of total receivables at August 31, 2017 and 2016 , respectively, were secured by credit insurance or letters of credit. Inventories At August 31, 2017 , inventories were stated at the lower of cost or net realizable value. Inventory cost for operations in the CMC Americas division and the International Mill segment is determined by the weighted average cost method. Inventory cost for the International Marketing and Distribution segment is determined by the specific identification method. At August 31, 2017 and 2016 , 80% and 60% of the Company's inventories were valued using the weighted average cost method, respectively, and 20% and 40% of the Company's inventories were valued using the specific identification method, respectively. Elements of cost in finished goods inventory in addition to the cost of material include depreciation, amortization, utilities, consumable production supplies, maintenance, production, wages and transportation costs. Additionally, the costs of departments that support production, including materials management and quality control, are allocated to inventory. Property, Plant and Equipment Property, plant and equipment are recorded at cost. Maintenance is expensed as incurred. Leasehold improvements are amortized over the shorter of their estimated useful lives or the lease term. Depreciation and amortization is recorded on a straight-line basis over the following estimated useful lives: Buildings 7 to 40 years Land improvements 3 to 25 years Leasehold improvements 3 to 15 years Equipment 3 to 25 years The Company evaluates impairment of its property, plant and equipment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. For each asset or group of assets held for use with indicators of impairment, the Company compares the sum of the expected future cash flows generated by the asset or group of assets with its associated net carrying value. If the net carrying value of the asset or group of assets exceeds expected undiscounted future cash flows, the excess of the net book value over estimated fair value is charged to impairment loss in the accompanying consolidated statements of earnings. Properties held for sale are reported at the lower of their carrying amount or their estimated sales price, less estimated costs to sell. Government Assistance Government assistance, including non-monetary grants, herein collectively referred to as grants, are not recognized until there is reasonable assurance that the Company will comply with the conditions of the grant and the Company will receive the grant. Generally, government grants fall into two categories: grants related to assets and grants related to income. Grants related to assets are government grants for the purchase, construction or other acquisition of long-term assets. The Company accounts for grants related to assets as deferred income with the offset to an asset account, such as fixed assets, on the Consolidated Balance Sheets. Non-monetary grants are recognized at fair value. The Company recognizes the deferred income in profit or loss on a systematic basis over the useful life of the asset; which, consistent with the Company's fixed assets policy, is straight-line. The period over which grants are recognized depends on the terms of the agreement. Grants related to specific expenses already incurred are recognized in profit or loss in the period in which the grant becomes receivable. A grant related to depreciable assets is recognized in profit or loss over the life of the depreciable asset. Grants related to non-depreciable assets may require the fulfillment of certain obligations. In such cases, these grants are recognized in profit or loss over the periods that bear the cost of meeting the obligations. Grants related to income are any grants that are not considered grants related to assets, such as grants to compensate for certain expenses. Grants related to income are recognized as a reduction in the related expense in the period that the recognition criteria are met. See Note 11, New Markets Tax Credits. Goodwill and Other Intangible Assets Goodwill is tested for impairment at the reporting unit level annually and whenever events or circumstances indicate that the carrying value may not be recoverable. During fiscal 2017, the Company prospectively changed its annual quantitative goodwill impairment testing date from the last day of the fourth quarter to the first day of the fourth quarter. The change in the goodwill impairment testing date alleviates fiscal year end resource and timing constraints. This change does not represent a material change in accounting principle, and did not delay, accelerate or avoid a goodwill impairment charge. The Company utilizes a quantitative test that compares the fair value of a reporting unit with its carrying amount, including goodwill, to evaluate goodwill for impairment. If the carrying amount of a reporting unit exceeds its fair value, an impairment loss is indicated in the amount that the carrying value exceeds the fair value of the reporting unit, not to exceed the goodwill value for the reporting unit. The Company's reporting units represent an operating segment or one level below an operating segment. The fair value of each reporting unit is estimated using an income approach based on the present value of expected future cash flows and a market approach based on valuation metrics of comparable peer companies and a reconciliation of the Company's estimate of the aggregate fair value of the reporting units to the Company's market capitalization, including a control premium. The determination of fair value involves a number of significant assumptions and estimates, including discount rates, volumes, prices, capital expenditures and the impact of current market conditions. These estimates could be materially impacted by adverse changes in these assumptions. For fiscal 2017 , the Company recorded a goodwill impairment charge of $2.0 million related to a reporting unit in its International Marketing and Distribution segment. For fiscal 2016, the annual goodwill impairment analysis did not result in any impairment charges at any of the Company's reporting units. For fiscal 2015, the Company recorded a goodwill impairment charge of $7.3 million related to its Americas Recycling segment. See Note 7, Goodwill and Other Intangible Assets, for additional details of the impairment charges. As of August 31, 2017 and 2016 , one of the Company's reporting units within its Americas Fabrication segment comprised $51.6 million and 51.3 million , respectively, of the Company's total goodwill. Goodwill at the Company's other reporting units was not material at August 31, 2017 and 2016 . Intangible assets with finite lives are amortized on a straight-line basis over their estimated useful lives and are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Impairment charges are recorded on finite-lived intangible assets when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than the assets' carrying amounts. Contingencies The Company accrues for claims and litigation, including environmental investigation and remediation costs, when they are both probable and the amount can be reasonably estimated. Environmental costs are based upon estimates regarding the sites for which the Company will be responsible, the scope and cost of work to be performed at each site, the portion of costs that will be shared with other parties and the timing of remediation. Where timing and amounts cannot be reasonably determined, a range is estimated and the lower end of the range is typically recorded. Stock-Based Compensation The Company recognizes stock-based equity awards and liability awards at fair value in the financial statements. The fair value of each stock-based equity award is estimated at the date of grant using the Black-Scholes or Monte Carlo pricing model. Total compensation cost of the stock-based equity award is amortized over the requisite service period using the accelerated method of amortization for grants with graded vesting or using the straight-line method for grants with cliff vesting. Stock-based liability awards are measured at fair value at the end of each reporting period and will fluctuate based on the price of CMC common stock and performance relative to the targets. Accounts Payable — Documentary Letters of Credit In order to facilitate certain trade transactions, the Company utilizes documentary letters of credit to provide assurance of payment to its suppliers. These letters of credit are typically for payment at a future date conditional upon the bank determining the documentation presented to be in strict compliance with all terms and conditions of the letters of credit. Banks issue these letters of credit under uncommitted lines of credit, which are in addition to and separate from the Company's contractually committed revolving credit agreement. In some cases, if the Company's suppliers choose to discount the future dated obligation, the Company may pay the fee associated with the discount. Income Taxes CMC and its U.S. subsidiaries file a consolidated federal income tax return. Deferred income taxes are provided for temporary differences between financial statement and income tax bases of assets and liabilities. The principal differences are described in Note 14, Income Tax. Benefits from income tax credits are reflected currently in earnings. The Company intends to indefinitely reinvest all undistributed earnings of non-U.S. subsidiaries. The Company records income tax positions based on a more likely than not threshold that the tax positions will be sustained on examination by the taxing authorities having full knowledge of all relevant information. Foreign Currencies The functional currencies of the Company's Australian, German, Polish, United Kingdom and certain Chinese, Singaporean and Thai operations are their local currencies. The Company's remaining international subsidiaries' functional currency is the U.S. dollar. Translation adjustments are reported as a component of accumulated other comprehensive loss. Transaction gains (losses) from transactions denominated in currencies other than the functional currencies were $5.5 million , $(13.9) million and $(45.4) million for the years ended August 31, 2017 , 2016 and 2015 , respectively, and are primarily included in selling, general and administrative expenses in the Company's consolidated statements of earnings. Derivative Financial Instruments The Company recognizes all derivatives as either assets or liabilities in the consolidated balance sheets and measures those instruments at fair value. Derivatives that are not designated as hedges are adjusted to fair value through net earnings. Changes in the fair value of derivatives that are designated as hedges are recognized in two fashions depending on the nature of the hedge. In the case of fair value hedges, changes are recognized as an offset against the change in fair value of the hedged balance sheet item. When the derivative is designated as a cash flow hedge and is highly effective, changes are recognized as other comprehensive income. The ineffective portion of a change in fair value for derivatives designated as hedges is recognized in net earnings. When a derivative instrument is sold, terminated, exercised, or expires, the gain or loss is recorded in the consolidated statement of earnings for fair value hedges, and the cumulative unrealized gain or loss, which had been recognized in the statement of comprehensive income, is reclassified to the consolidated statement of earnings for cash flow hedges. Additionally, when hedged items are sold or extinguished, or the anticipated transaction being hedged is no longer expected to occur, the Company recognizes the gain or loss on the designated hedged financial instrument. Fair Value The Company has established a fair value hierarchy which prioritizes the inputs to the valuation techniques used to measure fair value into three levels. These levels are determined based on the lowest level input that is significant to the fair value measurement. Level 1 represents unadjusted quoted prices in active markets for identical assets and liabilities. Level 2 represents quoted prices for similar assets and liabilities in active markets (other than those included in Level 1) which are observable, either directly or indirectly. Level 3 represents valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. Recently Adopted Accounting Pronouncements In the fourth quarter of fiscal 2017, the Company early adopted Accounting Standards Update ("ASU") 2017-04, Intangibles - Goodwill and Other: Simplifying the Test for Goodwill Impairment (Topic 805), issued by the Financial Accounting Standards Board ("FASB"). The standard simplifies the subsequent measurement of goodwill by removing the second step of the two-step impairment test. The standard was applied on a prospective basis. The adoption of this guidance did not have a material impact on the Company's consolidated financial statements. In the second quarter of fiscal 2017, the Company adopted ASU 2016-09, Compensation - Stock Compensation (Topic 718), issued by the FASB requiring that the Company recognize all excess tax benefits and tax deficiencies as an income tax expense or benefit when stock awards vest or are settled. Additionally, the guidance allows for an increase in the threshold for net share settlement up to the maximum statutory rate in employees’ applicable jurisdictions without triggering liability classification. The adoption of this guidance had an immaterial impact on income taxes on the Company’s consolidated statement of earnings for the year ended August 31, 2017. Additionally, the Company has elected to continue to estimate forfeitures. As such, this adoption has no cumulative effect on retained earnings. The Company elected to apply the presentation requirements for cash flows related to excess tax benefits prospectively, which had an immaterial impact on both net cash from operating activities and net cash used in financing activities for the year ended August 31, 2017. The presentation requirements for cash flows related to employee taxes paid for withheld shares had no impact on any of the periods presented on the Company’s consolidated statements of cash flows since such cash flows have historically been presented as a financing activity. In the first quarter of fiscal 2017, the Company adopted ASU 2015-16, Business Combinations (Topic 805), issued by the FASB requiring the acquirer in a business combination to recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The guidance was adopted on a prospective basis and did not have an impact on the Company's consolidated financial statements. In the first quarter of fiscal 2017, the Company adopted ASU 2015-05, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40), issued by the FASB requiring an entity to account for fees paid in a cloud computing arrangement as a license of internal-use software. The guidance was adopted on a prospective basis and did not have an impact on the Company's consolidated financial statements. In the first quarter of fiscal 2017, the Company adopted ASU 2015-02, Consolidation (Topic 810), issued by the FASB modifying the evaluation of whether limited partnerships and similar legal entities are voting interest entities. The guidance was adopted on a retrospective basis and did not have an impact on the Company's consolidated financial statements. In the first quarter of fiscal 2017, the Company adopted ASU 2015-01, Income Statement - Extraordinary and Unusual Items (Subtopic 225-20), issued by the FASB eliminating the concept of extraordinary items. Under this guidance, an entity is no longer allowed to separately disclose extraordinary items, net of tax, in the income statement after income from continuing operations. The guidance was adopted on a prospective basis and did not have an impact on the Company's consolidated financial statements. In the first quarter of fiscal 2017, the Company adopted ASU 2014-13, Consolidation (Topic 810), issued by the FASB providing a measurement alternative to the existing fair value measurement guidance. When the measurement alternative is elected, the financial assets and liabilities are measured using the more observable of the fair value of the financial assets and the fair value of the financial liabilities. The guidance was adopted on a retrospective basis and did not have an impact on the Company's consolidated financial statements. In the first quarter of fiscal 2017, the Company adopted ASU 2014-12, Compensation - Stock Compensation (Topic 718), issued by the FASB requiring entities to account for a performance target as a performance condition if the target affects vesting and could be achieved after the requisite service period. The guidance was followed by the Company prior to its adoption and therefore had no impact on the Company's consolidated financial statements upon adoption. Recently Issued Accounting Pronouncements In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging - Targeted Improvements to Accounting for Hedging Activities (Topic 815). The ASU better aligns accounting rules with a company's risk management activities; better reflects economic results of hedging in financial statements; and simplifies hedge accounting treatment. For public companies, this standard is effective for annual periods beginning after December 15, 2018, including interim periods within those periods, with early adoption permitted. The standard must be applied to hedging relationships existing on the date of adoption and the effect of adoption should be reflected as of the beginning of the fiscal year of adoption. The Company is currently evaluating the impact of this guidance on its consolidated financial statements as well as determining the Company's planned adoption date. In January 2017, the FASB issued ASU 2017-01, Business Combinations: Clarifying the Definition of a Business. The standard clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. For public companies, this standard is effective for annual periods beginning after December 15, 2017, including interim periods within those periods. The standard must be applied prospectively on or after the effective date. Early application of the standard is allowed with certain restrictions. The adoption of this guidance is not expected to have a material impact on the consolidated financial statements. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230), requiring that the statement of cash flows explain the change in the total cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. This guidance is effective for fiscal years, and interim reporting periods therein, beginning after December 15, 2017 with early adoption permitted. The provisions of this guidance are to be applied using a retrospective approach, which requires application of the guidance for all periods presented. The Company is currently evaluating the impact of this guidance on its consolidated financial statements as well as determining the Company's planned adoption date. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), requiring a lessee to recognize a right-of-use asset and a lease liability on its balance sheet for all leases with terms of twelve months or longer. This guidance is effective for fiscal years, and interim reporting periods therein, beginning after December 15, 2018 and will be effective for the Company beginning September 1, 2019, at which point the Company plans to adopt the standard. The provisions of this guidance are to be applied using a modified retrospective approach, with elective reliefs, which requires application of the guidance for all periods presented. The Company is currently evaluating the impact of this guidance on its consolidated financial statements. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606), and has modified the standard thereafter. Under the standard, revenue is recognized when a customer obtains control of promised goods or services and is recognized in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This guidance is effective for annual and interim reporting periods beginning after December 15, 2017 and will be effective for the Company beginning September 1, 2018, at which point the Company plans to adopt the standard. The standard permits the use of either the retrospective or cumulative effect transition method. The Company currently expects to adopt the standard using the modified retrospective approach. As part of the adoption of the standard, management assembled a cross-functional implementation team which has reviewed representative samples of contracts to analyze the impact of the standard. As a result of these analyses, the Company does not anticipate that there will be a material impact on its statement of financial position, results of operations or cash flows in its Americas Mills, Americas Recycling or International Mill segments. The Company is still in the process of examining contract specific terms within the Americas Fabrication segment. In addition, the standard includes expanded disclosure requirements, which the Company continues to analyze. As part of the overall evaluation of the standard, the Company is also identifying and preparing to implement changes to its accounting policies, practices, and internal controls over financial reporting to support the standard both in the transition period as well as on an on-going basis.

CHANGES IN BUSINESS

CHANGES IN BUSINESS	12 Months Ended
	Aug. 31, 2017
Business Combinations [Abstract]
Changes in Business	CHANGES IN BUSINESS Acquisitions On December 12, 2016, the Company completed the purchase of substantially all of the assets of Continental Concrete Structures, Inc. ("CCS"), a fabricator of post-tensioning cable and related products for commercial and public construction projects with a facility in Alpharetta, Georgia. In addition, CCS provides professional design and value engineering services to the construction industry throughout North America. This acquisition complements the Company’s current rebar fabrication business and continues its strategy of creating value for customers. The operating results of this facility are included in the Americas Fabrication reporting segment. On January 9, 2017, the Company completed the purchase of substantially all of the assets of Associated Steel Workers, Limited ("ASW"), a steel fabrication facility in Kapolei, Hawaii. This acquisition continues the vertical integration model of the Company by extending its geographic reach, establishing a fabrication operation in Hawaii and expanding its presence in the Hawaiian market. The operating results of this facility are included in the Americas Fabrication reporting segment. On March 6, 2017, the Company completed the purchase of certain assets from OmniSource Corporation, a wholly-owned subsidiary of Steel Dynamics, Inc., consisting of seven recycling facilities located in the southeast United States (the "Recycling Assets"), which are in close proximity to CMC’s mini mill in Cayce, South Carolina. These facilities provide synergies with CMC's other operations in the region. The operating results of these facilities are included in the Americas Recycling reporting segment. The acquisitions of CCS, ASW and the Recycling Assets are not material, individually or in the aggregate, to the Company's financial position or results of operations; therefore, pro forma operating results for the acquisitions are not presented since the results would not be significantly different than reported results. For the years ended August 31, 2016 and 2015 , the Company did not have any business acquisitions. Businesses Held for Sale The Company did not have any businesses classified as held for sale at August 31, 2017 . As of August 31, 2016 , CMC Cometals was classified as held for sale. Assets and liabilities of the business held for sale on the Company’s consolidated balance sheet consisted of the following: Year Ended August 31, (in thousands) 2016 Assets: Accounts receivable $ 76,402 Inventories 112,740 Other current assets 1,579 Current assets of business held for sale 190,721 Property, plant and equipment, net of accumulated depreciation and amortization 4 Long-term assets of business held for sale* $ 4 Liabilities: Accounts payable-trade $ 35,662 Accrued expenses and other payables 1,026 Current liabilities of business held for sale $ 36,688 * Included in other assets on the consolidated balance sheet. Discontinued Operations On June 13, 2017, the Company announced a plan to exit its International Marketing and Distribution segment. As an initial step in this plan, on August 31, 2017, the Company completed the sale of CMC Cometals, subject to customary post-closing adjustments. In addition, on June 13, 2017, the Company announced its plan to pursue a restructuring and sale of the remaining trading operations located in the U.S., Asia and Australia. The results of the sale and the activity related to CMC Cometals are included in discontinued operations in the consolidated statements of earnings for all periods presented. The remainder of the International Marketing and Distribution segment is expected to be classified in discontinued operations either upon meeting the criteria to be classified as held for sale or upon the wind-down of each operation. The major classes of line items constituting earnings before income taxes for CMC Cometals, which are included in earnings (loss) from discontinued operations before income taxes in the consolidated statements of earnings for all periods presented, are presented in the table below. CMC Cometals is the only component that qualified for discontinued operations post-adoption of ASU 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360). Year Ended August 31, (in thousands) 2017 2016 2015 Net sales $ 429,462 $ 433,008 $ 564,192 Costs and expenses: Cost of goods sold 389,276 393,895 484,196 Selling, general and administrative expenses 22,774 22,523 29,179 Net loss on sale of CMC Cometals 6,950 — — — Interest expense — 109 1,304 419,000 416,527 514,679 Earnings before income taxes 10,462 16,481 49,513 Income taxes (benefit) (2,935 ) 3 — Earnings from CMC Cometals $ 13,397 $ 16,478 $ 49,513 Depreciation, amortization and capital expenditures for CMC Cometals were not material for fiscal 2017 , 2016 and 2015 , respectively. Stock-based compensation was $(0.9) million , $2.5 million and $2.2 million for fiscal 2017 , 2016 and 2015 , respectively. Inventory write-downs were $1.0 million , $1.2 million and $9.2 million for fiscal 2017 , 2016 and 2015 , respectively. There were no other significant operating or investing non-cash items for CMC Cometals for fiscal 2017 , 2016 and 2015 . During the first quarter of fiscal 2015, the Company decided to exit and sell its steel distribution business in Australia and determined that the decision to exit this business met the definition of a discontinued operation. As a result, this business has been presented as a discontinued operation for all periods presented. The Australian steel distribution business was previously included in the International Marketing and Distribution reporting segment. Financial information for discontinued operations was as follows: Year Ended August 31, (in thousands) 2017 2016 2015 Net sales $ 429,440 $ 474,422 $ 737,258 Earnings (loss) before income taxes 10,607 (1,469 ) 29,389 Dispositions During the fourth quarter of fiscal 2017, the Company completed the sale of CMC Cometals for proceeds of $170.9 million , subject to customary post-closing adjustments. A portion of the proceeds totaling $8.0 million were deferred and recorded in accounts receivable in the consolidated balance sheet for the year ended August 31, 2017. The Company recognized a $7.0 million loss on the sale, which was included in discontinued operations in the consolidated statement of earnings for the year ended August 31, 2017. During the fourth quarter of fiscal 2015, the Company completed the sale of six locations that were a part of the Australian steel distribution business for proceeds of $26.4 million . The Company recognized an $8.1 million pre-tax gain on the sale, which included a currency translation gain of $10.1 million . Additionally, all operations ceased at three other locations that were part of the Australian steel distribution business. In the fourth quarter of fiscal 2016, the Company completed the sale of the one remaining Australian steel distribution location, excluding accounts receivable, for proceeds of $4.4 million , resulting in an immaterial impact to earnings from discontinued operations for fiscal year 2016. The results of the sales and the activity related to the Australian steel distribution business were included in discontinued operations in the consolidated statements of earnings for all periods presented.

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	12 Months Ended
	Aug. 31, 2017
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	NOTE 4. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) Accumulated other comprehensive income (loss) ("AOCI") was comprised of the following: (in thousands) Foreign Currency Translation Unrealized Gain (Loss) on Derivatives Defined Benefit Obligation Total AOCI Balance at September 1, 2014 $ (19,891 ) $ 3,014 $ (2,632 ) $ (19,509 ) Other comprehensive loss before reclassifications (83,063 ) (3,702 ) (270 ) (87,035 ) Amounts reclassified from AOCI (10,127 ) 2,707 63 (7,357 ) Income taxes — 286 80 366 Net other comprehensive loss (93,190 ) (709 ) (127 ) (94,026 ) Balance at August 31, 2015 (113,081 ) 2,305 (2,759 ) (113,535 ) Other comprehensive income (loss) before reclassifications (11,771 ) 2,006 (186 ) (9,951 ) Amounts reclassified from AOCI 12,597 (2,233 ) 68 10,432 Income taxes — 108 32 140 Net other comprehensive income (loss) 826 (119 ) (86 ) 621 Balance at August 31, 2016 (112,255 ) 2,186 (2,845 ) (112,914 ) Other comprehensive income before reclassifications 30,509 1,003 678 32,190 Amounts reclassified from AOCI 968 (1,845 ) 115 (762 ) Income taxes — 243 (270 ) (27 ) Net other comprehensive income (loss) 31,477 (599 ) 523 31,401 Balance at August 31, 2017 $ (80,778 ) $ 1,587 $ (2,322 ) $ (81,513 ) The significant items reclassified out of accumulated other comprehensive loss and the corresponding line items in the consolidated statements of earnings to which the items were reclassified were as follows: Year Ended August 31, Components of AOCI (in thousands) Location 2017 2016 2015 Foreign currency translation adjustments and other: Translation loss realized upon liquidation of investment in foreign entity SG&A expenses $ (968 ) $ — $ — Translation (loss) gain realized upon sale of investment in foreign entity Earnings (loss) from discontinued operations before income taxes — (12,597 ) 10,127 $ (968 ) $ (12,597 ) $ 10,127 Unrealized gain (loss) on derivatives: Commodity Cost of goods sold $ 37 $ (443 ) $ (645 ) Foreign exchange Net sales 369 (380 ) 124 Foreign exchange Cost of goods sold 158 2,283 (2,774 ) Foreign exchange SG&A expenses 446 291 76 Interest rate Interest expense 789 532 532 Commodity Earnings (loss) from discontinued operations before income taxes 46 (50 ) (20 ) 1,845 2,233 (2,707 ) Income tax effect Income taxes from continuing operations (506 ) (478 ) 956 Income tax effect Income taxes (benefit) from discontinued operations 16 (18 ) (7 ) (490 ) (496 ) 949 Net of income taxes $ 1,355 $ 1,737 $ (1,758 ) Defined benefit obligation: Amortization of net loss SG&A expenses $ (201 ) $ (140 ) $ (134 ) Amortization of prior service credit SG&A expenses 86 72 71 (115 ) (68 ) (63 ) Income tax effect Income taxes 31 22 21 Net of income taxes $ (84 ) $ (46 ) $ (42 ) Amounts in parentheses reduce earnings.

SALES OF ACCOUNTS RECEIVABLE

SALES OF ACCOUNTS RECEIVABLE	12 Months Ended
	Aug. 31, 2017
Transfers and Servicing [Abstract]
SALES OF ACCOUNTS RECEIVABLE	NOTE 5. SALES OF ACCOUNTS RECEIVABLE During the fourth quarter of fiscal 2016, the Company entered into a fifth amended $200.0 million U.S. sale of trade accounts receivable program which expires on August 15, 2019. In June 2017, the Company entered into a sixth amendment, which withdrew CMC Cometals and CMC Cometals Steel from the program. Under the program, CMC contributes, and certain of its subsidiaries sell without recourse, certain eligible trade accounts receivable to CMC Receivables, Inc. ("CMCRV"), a wholly-owned subsidiary of CMC. CMCRV is structured to be a bankruptcy-remote entity formed for the sole purpose of buying and selling trade accounts receivable generated by the Company. CMCRV sells the trade accounts receivable in their entirety to two financial institutions. Under the amended U.S. sale of trade accounts receivable program, with the consent of both CMCRV and the program's administrative agent, the amount advanced by the financial institutions can be increased to a maximum of $300.0 million for all trade accounts receivable sold. The remaining portion of the purchase price of the trade accounts receivable takes the form of subordinated notes from the respective financial institutions. These notes will be satisfied from the ultimate collection of the trade accounts receivable after payment of certain fees and other costs. The Company accounts for sales of the trade accounts receivable as true sales, and the trade accounts receivable balances that are sold are removed from the consolidated balance sheets. The cash advances received are reflected as cash provided by operating activities on the Company's consolidated statements of cash flows. Additionally, the U.S. sale of trade accounts receivable program contains certain cross-default provisions whereby a termination event could occur if the Company defaulted under certain of its credit arrangements. The covenants contained in the receivables purchase agreement are consistent with the credit facility described in Note 10, Credit Arrangements. At August 31, 2017 and 2016 , under its U.S. sale of accounts receivable program, the Company had sold $226.9 million and $215.9 million of trade accounts receivable, respectively, to the financial institutions. At August 31, 2017 , the Company had $90.0 million in advance payments outstanding on the sale of its trade accounts receivable and none at August 31, 2016 . In addition to the U.S. sale of trade accounts receivable program described above, the Company's international subsidiaries in Poland sell, and previously in Australia have sold, trade accounts receivable to financial institutions without recourse. These arrangements constitute true sales, and once the trade accounts receivable are sold, they are no longer available to the Company's creditors in the event of bankruptcy and are removed from the consolidated balance sheets. The Polish program has a facility limit of 220.0 million Polish zloty ( $61.7 million as of August 31, 2017 ) and allows the Company's Polish subsidiaries to obtain an advance of up to 90% of eligible trade accounts receivable sold under the terms of the arrangement. Under the Polish and Australian programs, the cash advances received were reflected as cash provided by operating activities on the Company's consolidated statements of cash flows. During the first quarter of fiscal 2017, the Company's existing Australian program expired, and the Company did not enter into a new program. At August 31, 2017 , under its Polish program, the Company had sold $79.5 million of trade accounts receivable to the third-party financial institution and had no advance payments outstanding on the sale of its trade accounts receivable. At August 31, 2016 , under its Polish and Australian programs, the Company had sold $85.7 million of trade accounts receivable to third-party financial institutions and had $8.3 million in advance payments outstanding. For the years ended August 31, 2017 , 2016 and 2015 , cash proceeds from the U.S. and international sale of trade accounts receivable programs were $375.4 million , $400.8 million and $596.4 million , respectively, and cash payments to the owners of trade accounts receivable were $293.6 million , $420.3 million and $714.2 million , respectively. For a nominal servicing fee, the Company is responsible for servicing the trade accounts receivable for the U.S. and Australian programs. Discounts on U.S. and international sales of trade accounts receivable were $0.9 million , $1.7 million and $2.4 million for the years ended August 31, 2017 , 2016 and 2015 , respectively, and are included in selling, general and administrative expenses in the Company's consolidated statements of earnings. The deferred purchase price on the Company's U.S. and international sale of trade accounts receivable programs was included in accounts receivable on the Company's consolidated balance sheets, with the exception of the deferred purchase price related to the Company's businesses classified as held for sale, which were included in assets of businesses held for sale on the Company's consolidated balance sheet at August 31, 2016. The following table summarizes the activity of the deferred purchase price receivables for the U.S. and international sale of trade accounts receivable programs. (in thousands) Total U.S.* Australia** Poland Balance at September 1, 2014 $ 385,169 $ 329,797 $ 34,071 $ 21,301 Transfers of trade accounts receivable 3,574,283 2,944,627 298,179 331,477 Collections (3,619,905 ) (3,004,646 ) (314,212 ) (301,047 ) Balance at August 31, 2015 $ 339,547 $ 269,778 $ 18,038 $ 51,731 Transfers of trade accounts receivable 2,389,297 1,933,477 175,593 280,227 Collections (2,439,096 ) (1,990,493 ) (166,969 ) (281,634 ) Balance at August 31, 2016 $ 289,748 $ 212,762 $ 26,662 $ 50,324 Transfers of trade accounts receivable 2,646,513 2,251,118 16,914 378,481 Collections (2,596,836 ) (2,237,872 ) (9,659 ) (349,305 ) Exit from Programs (124,302 ) (90,385 ) (33,917 ) — Balance at August 31, 2017 $ 215,123 $ 135,623 $ — $ 79,500 _________________________ * Includes the sale of trade accounts receivable activities related to CMC Cometals. See Note 3, Changes to Business, for further discussion. For the year ended August 31, 2017 , with respect to CMC Cometals, transfers of trade accounts receivable were $141.0 million , collections were $125.6 million and redemptions of trade accounts receivable associated with the exit from the program were $40.4 million . For the years ended August 31, 2016 and 2015 , with respect to CMC Cometals, transfers of trade accounts receivable were $173.2 million and $286.6 million , respectively, and collections were $174.4 million and $311.4 million , respectively. **Includes the sale of trade accounts receivable activities related to the Australian steel distribution business. See Note 3, Changes to Business, for further discussion. For the year ended August 31, 2017 , there were no transfers of trade accounts receivable, collections were $3.7 million and redemptions of trade accounts receivable associated with the exit from the program were $1.6 million . For August 31, 2016 and 2015 , transfers of accounts receivable were $45.8 million and $180.0 million , respectively, and collections were $61.7 million and $209.2 million , respectively.

INVENTORIES

INVENTORIES	12 Months Ended
	Aug. 31, 2017
Inventory Disclosure [Abstract]
INVENTORIES	NOTE 6. INVENTORIES The majority of the Company's inventories are in the form of semi-finished and finished goods. The Company’s business model, with the exception of the International Marketing and Distribution segment, is such that products are sold to external customers in various stages, from semi-finished billets through fabricated steel, leading these categories to be combined. Inventories in the International Marketing and Distribution segment are sold as finished goods. As such, work in process inventories were not material at August 31, 2017 and 2016 . At August 31, 2017 and 2016 , $116.8 million and $77.9 million , respectively, of the Company's inventories were in the form of raw materials. Inventory write-downs were $21.5 million , $15.6 million , and $37.7 million for the years ended August 31, 2017, 2016, and 2015.

GOODWILL AND OTHER INTANGIBLE A

GOODWILL AND OTHER INTANGIBLE ASSETS	12 Months Ended
	Aug. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND OTHER INTANGIBLE ASSETS	NOTE 7. GOODWILL AND OTHER INTANGIBLE ASSETS The following table details the changes in the carrying amount of goodwill by reportable segment: Americas International (in thousands) Recycling Mills Fabrication Mill Marketing and Distribution Consolidated Goodwill, gross Balance at September 1, 2015 $ 9,751 $ 4,970 $ 57,637 $ 2,517 $ 1,912 $ 76,787 Foreign currency translation — — — (85 ) 70 (15 ) Balance at August 31, 2016 9,751 4,970 57,637 2,432 1,982 76,772 Acquisitions — — 306 — — 306 Foreign currency translation — — — 232 — 232 Balance at August 31, 2017 $ 9,751 $ 4,970 $ 57,943 $ 2,664 $ 1,982 $ 77,310 Accumulated impairment losses Balance at September 1, 2015 $ (9,751 ) $ — $ (493 ) $ (160 ) $ — $ (10,404 ) Foreign currency translation — — — 5 — 5 Balance at August 31, 2016 (9,751 ) — (493 ) (155 ) — (10,399 ) Foreign currency translation — — — (14 ) — (14 ) Impairment — — — — (1,982 ) (1,982 ) Balance at August 31, 2017 $ (9,751 ) $ — $ (493 ) $ (169 ) $ (1,982 ) $ (12,395 ) Goodwill, net Balance at September 1, 2015 $ — $ 4,970 $ 57,144 $ 2,357 $ 1,912 $ 66,383 Foreign currency translation — — — (80 ) 70 (10 ) Balance at August 31, 2016 — 4,970 57,144 2,277 1,982 66,373 Acquisitions — — 306 — — 306 Foreign currency translation — — — 218 — 218 Impairment — — — — (1,982 ) (1,982 ) Balance at August 31, 2017 $ — $ 4,970 $ 57,450 $ 2,495 $ — $ 64,915 In the fourth quarter of 2017 , the Company recorded a $2.0 million goodwill impairment charge related to a reporting unit in its International Marketing and Distribution segment due to management's decision to wind-down the associated operations. For fiscal 2016 , the annual goodwill impairment analysis did not result in any impairment charges at any of the Company's reporting units. For fiscal 2015 , the Company recorded a $7.3 million goodwill impairment charge related to its Americas Recycling segment due to weakened demand for ferrous scrap exports coupled with a lower near term forecast of future operating results. The Company estimates the fair value of its reporting units using a weighting of fair values derived from the income and market approaches. Under the income approach, the Company determines the fair value of a reporting unit based on the present value of estimated future cash flows. Cash flow projections are based on management's estimates of revenue growth rates and operating margins, taking into account industry and market conditions. The discount rate is based on a weighted average cost of capital adjusted for the relevant risk associated with the characteristics of the Company. The market approach, on the other hand, estimates fair value based on market multiples of revenue and earnings derived from comparable publicly-traded companies with similar operating and investment characteristics as the reporting unit. As of August 31, 2017 and 2016 , one of the Company's reporting units within the Americas Fabrication reporting unit comprised $51.6 million and $51.3 million , respectively, of the Company's total goodwill. As a result of our annual testing, the fair value of this reporting unit exceeded the carrying value by 13.5% . The assumptions that have the most significant impact on determination of the fabrication reporting unit fair value are the estimates of gross margin expansion, value of the terminal year, and the weighted average cost of capital (discount rate). A change in any of these assumptions, individually or in the aggregate, or future financial performance that is below management expectations may result in the carrying value of this reporting unit exceeding its fair value, and goodwill could be impaired. For all other reporting units, the excess of the fair value over carrying value of each reporting unit was substantial. The future occurrence of a potential indicator of impairment could include matters such as: a decrease in expected net earnings, adverse equity market conditions, a decline in current market multiples, a decline in CMC's common stock price, a significant adverse change in legal factors or the general business climate, an adverse action or assessment by a regulator, a significant downturn in non-residential construction markets in the United States, and continued levels of imported steel into the United States. In the event of significant adverse changes of the nature described above, it may be necessary for the Company to recognize a non-cash impairment of goodwill, which could have a material adverse effect on the Company's consolidated business, results of operations and financial condition. The following intangible assets subject to amortization are included in other noncurrent assets on the Company's consolidated balance sheets: August 31, 2017 August 31, 2016 (in thousands) Gross Accumulated Amortization Net Gross Accumulated Amortization Net Customer base $ 6,334 $ 2,660 $ 3,674 $ 6,160 $ 2,714 $ 3,446 Favorable land leases 10,189 2,849 7,340 10,081 2,518 7,563 Non-competition agreements 1,750 578 1,172 1,600 371 1,229 Brand name 1,328 770 558 628 328 300 Other 101 65 36 101 58 43 Total $ 19,702 $ 6,922 $ 12,780 $ 18,570 $ 5,989 $ 12,581 Excluding goodwill, there are no other significant intangible assets with indefinite lives. Amortization expense for intangible assets for the years ended August 31, 2017 , 2016 and 2015 was $2.3 million , $3.6 million , and $6.9 million , respectively. At August 31, 2017 , the weighted average remaining useful life of these intangible assets, excluding the favorable land leases was seven years . The weighted average life of the favorable land leases was 48 years . Estimated amounts of amortization expense for the next five years are as follows. Year Ended August 31, (in thousands) 2018 $ 1,578 2019 1,342 2020 1,105 2021 1,082 2022 804

LONG-LIVED ASSET IMPAIRMENT AND

LONG-LIVED ASSET IMPAIRMENT AND FACILITY CLOSURE COSTS	12 Months Ended
	Aug. 31, 2017
Restructuring and Related Activities [Abstract]
LONG-LIVED ASSET IMPAIRMENT AND FACILITY CLOSURE COSTS	NOTE 8. LONG-LIVED ASSET IMPAIRMENT AND FACILITY CLOSURE COSTS See Note 3, Changes in Business, for discussion on the Company's plan to exit its International Marketing and Distribution segment. Expenses associated with exiting this business included severance pay in fiscal 2017. See Note 9, Severance for additional information. Also refer to Note 7, Goodwill and Other Intangible Assets, and Note 13, Fair Value, for a discussion of other impairments. There were no material long-lived asset impairment charges recorded during the year ended August 31, 2017. During fiscal 2016 and 2017 , the Company exited its steel trading and distribution businesses headquartered in Cardiff, Wales, United Kingdom. These operations were included in the Company's International Marketing and Distribution reporting segment. The expenses associated with exiting these businesses were not material in each respective fiscal year and were included in selling, general and administrative expenses in the Company's consolidated statements of earnings. During the first quarter of fiscal 2015, the Company decided to exit and sell its steel distribution business in Australia, which met the definition of a discontinued operation. As a result, this business is presented as a discontinued operation for all periods presented. During the third quarter of fiscal 2016, the Company recorded an impairment charge of $15.8 million , including the impact of an approximate $13.5 million accumulated foreign currency translation loss, on its remaining component of the Australian steel distribution business that was classified as held for sale at May 31, 2016. See Note 13, Fair Value, for further discussion of this impairment charge. Other expenses associated with exiting this business were not material for the years ended August 31, 2017 , 2016 , and 2015 . Based on continued margin and volume pressure in the Company's Americas Recycling segment, which caused the Company to revise its estimate as to the timing of improvement in these metrics, during the fourth quarter of fiscal 2016, management concluded a triggering event occurred. As a result, the Company reviewed the undiscounted future cash flows for its Americas Recycling long-lived asset groups. The results of the undiscounted future cash flow analyses indicated the carrying amounts for certain long-lived asset groups subject to testing were not expected to be recovered. The Company estimated the fair value for these long-lived asset groups using market and income approaches. The fair value was then compared to the carrying values of the long-lived asset groups. The resulting impairment charges of $38.9 million were recorded within the Americas Recycling segment at August 31, 2016.

SEVERANCE

SEVERANCE	12 Months Ended
	Aug. 31, 2017
Restructuring and Related Activities [Abstract]
SEVERANCE	NOTE 9. SEVERANCE The Company recorded consolidated severance cost of $25.0 million , $3.2 million and $5.8 million for the years ended August 31, 2017 , 2016 and 2015 , respectively. The severance cost recorded during fiscal 2017 related primarily to the Company's discontinued operations, as the closure of marketing and distribution offices resulted in involuntary employee termination benefits. As of August 31, 2017 and 2016, the remaining liability to be paid in the future related to termination benefits was $16.9 million and $0.9 million , respectively, and is included in accrued expenses and other payables on the Company's consolidated balance sheets.

CREDIT ARRANGEMENTS

CREDIT ARRANGEMENTS	12 Months Ended
	Aug. 31, 2017
Debt Disclosure [Abstract]
CREDIT ARRANGEMENTS	NOTE 10. CREDIT ARRANGEMENTS Long-term debt, which as of August 31, 2016 included the deferred gain from the termination of the interest rate swaps, was as follows: Weighted Average August 31, (in thousands) 2017 2016 2027 Notes 5.375% $ 300,000 $ — 2023 Notes 4.875% 330,000 330,000 Term Loan (Due 2022) 2.804% 150,000 — 2018 Notes 6.400% — 408,874 2017 Notes 5.740% — 302,601 Other, including equipment notes 52,077 34,166 Total long-term debt 832,077 1,075,641 Less: Debt issuance costs 7,315 4,224 Total long-term debt outstanding 824,762 1,071,417 Less: Current maturities of long-term debt 19,182 313,469 Long-term debt $ 805,580 $ 757,948 In July 2017, the Company issued $300.0 million of 5.375% Senior Notes due July 15, 2027 (the "2027 Notes"). Interest on these notes is payable semiannually. In May 2013, the Company issued $330.0 million of 4.875% Senior Notes due May 2023 (the "2023 Notes"). Interest on these notes is payable semiannually. On June 26, 2014 , the Company entered into a fourth amended and restated credit agreement (the "Credit Agreement") with a revolving credit facility of $350.0 million and a maturity date of June 26, 2019 . On June 23, 2017, the Company entered into a second amendment to the Credit Agreement. Among other things, the second amendment extends the maturity of the Credit Agreement to June 23, 2022 and provides for a senior secured term loan in the maximum principal amount of $150.0 million (the "Term Loan"). The Term Loan will mature in June 2022 and was drawn upon on July 13, 2017. The Company is required to make quarterly payments on the Term Loan equal to 1.25% of the original principal amount. The maximum availability under the Credit Agreement, including the Term Loan, can be increased to $750.0 million with bank approval. The Company had no amounts drawn under the revolving portion of its Credit Agreement at August 31, 2017 or 2016 . The Company's obligation under the Credit Agreement is collateralized by its U.S. inventory and U.S. fabrication receivables. The Credit Agreement's capacity includes $50.0 million for the issuance of stand-by letters of credit and was reduced by outstanding stand-by letters of credit which totaled $3.0 million at both August 31, 2017 and 2016 . Under the Credit Agreement, the Company is required to comply with certain financial and non-financial covenants, including covenants to maintain: (i) an interest coverage ratio (consolidated EBITDA to consolidated interest expense, as each is defined in the Credit Agreement) of not less than 2.50 to 1.00 and (ii) a debt to capitalization ratio (consolidated funded debt to total capitalization, as each is defined in the Credit Agreement) that does not exceed 0.60 to 1.00 . Loans under the Credit Agreement bear interest based on the Eurocurrency rate, a base rate, or the LIBOR rate. At August 31, 2017 , the Company's interest coverage ratio was 5.29 to 1.00 and the Company's debt to capitalization ratio was 0.37 to 1.00 . In August 2008 , the Company issued $500.0 million of 7.35% senior unsecured notes due August 2018 (the "2018 Notes"). During the third quarter of fiscal 2010, the Company entered into hedging transactions which reduced the Company's effective interest rate on these notes to 6.40% per annum. Interest on these notes is payable semiannually. In February 2016, the Company accepted for purchase approximately $100.2 million of the outstanding principal amount of its 2018 Notes through a cash tender offer. The Company recognized expenses of approximately $6.1 million related to the early extinguishment of this debt, which are included in loss on debt extinguishment in the consolidated statement of earnings for the year ended August 31, 2016 . In July 2007 , the Company issued $400.0 million of 6.50% senior unsecured notes due July 2017 (the "2017 Notes"). During the third quarter of fiscal 2011, the Company entered into hedging transactions which reduced the Company's effective interest rate on these notes to 5.74% per annum. Interest on these notes is payable semiannually. In February 2016, the Company accepted for purchase $100.0 million of the outstanding principal amount of its 2017 Notes though a cash tender offer. The Company recognized expenses of approximately $5.4 million related to the early extinguishment of this debt, which are included in loss on debt extinguishment in the consolidated statement of earnings for the year ended August 31, 2016 . During the fourth quarter of fiscal 2017 , the Company redeemed the full outstanding principal amount of its 2017 and 2018 Notes. The Company recognized expenses of $22.7 million related to the early extinguishment of the 2018 Notes, which are included in loss on debt extinguishment in the consolidated statements of earnings for the year ended August 31, 2017 . During fiscal 2012, the Company terminated its existing interest rate swap transactions and received cash proceeds of approximately $52.7 million , net of customary finance charges. The resulting gain was deferred and was being amortized as a reduction to interest expense over the remaining term of the respective debt tranches. At August 31, 2016 , $11.6 million of the deferred gain remained unamortized, and at August 31, 2017 , no gain remained unamortized. Amortization of the deferred gain was $11.6 million for the year ended August 31, 2017 and $7.6 million for each of the years ended August 31, 2016 and 2015 . The Company has uncommitted credit facilities available from U.S. and international banks. In general, these credit facilities are used to support trade letters of credit (including accounts payable settled under bankers' acceptances as described in Note 2, Summary of Significant Accounting Policies), foreign exchange transactions and short-term advances which are priced at market rates. At August 31, 2017 and 2016 , CMC Poland Sp. z.o.o. ("CMCP") had uncommitted credit facilities with several banks of PLN 175.0 million ( $49.1 million ) and PLN 175.0 million ( $44.8 million ), respectively. As of August 31, 2017 , the uncommitted credit facilities have expiration dates ranging from November 2017 to March 2018, which CMCP intends to renew upon expiration. At August 31, 2017 and 2016 , no amounts were outstanding under these facilities. During fiscal 2017 and fiscal 2016 , CMCP had no borrowings or repayments under its uncommitted credit facilities. During fiscal 2015 , CMCP had total borrowing and total repayments of $49.6 million each under its uncommitted credit facilities. At August 31, 2017 , the Company was in compliance with all of the covenants contained in our credit arrangements. The scheduled maturities of the Company's long-term debt are as follows: Year Ending August 31, (in thousands) 2018 $ 19,182 2019 18,276 2020 13,560 2021 10,648 2022 122,346 Thereafter 648,065 Total long-term debt 832,077 Less: Debt issuance costs 7,315 Total long-term debt outstanding $ 824,762 The Company capitalized $9.8 million and $3.6 million of interest in the cost of property, plant and equipment during fiscal years 2017 and 2016, and an immaterial amount during fiscal year 2015 . Cash paid for interest for the years ended August 31, 2017 , 2016 and 2015 was $65.7 million , $74.7 million and $86.7 million , respectively.

NEW MARKETS TAX CREDIT TRANSACT

NEW MARKETS TAX CREDIT TRANSACTIONS	12 Months Ended
	Aug. 31, 2017
Income Tax Disclosure [Abstract]
New Markets Tax Credit Transactions	NOTE 11. NEW MARKETS TAX CREDIT TRANSACTIONS The Company, through its wholly-owned subsidiary, CMC Steel Oklahoma, LLC ("CMC Steel OK"), is in the process of constructing a micro mill with an expected commissioning date in the second quarter of fiscal 2018 and a separate project to install a spooler with an expected commissioning date in the spring of 2018. Additionally, the Company, through its wholly-owned subsidiary, CMC Post Oklahoma, LLC ("CMC Post OK"), is in the process of constructing a T-post shop with an expected commissioning date in the summer of 2018. These projects are located in Durant, Oklahoma. In connection with these projects, the Company entered into transactions that qualified through the New Markets Tax Credit program provided for in the Community Renewal Tax Relief Act of 2000 (the "NMTC Program"), as the micro mill, spooler and T-post shop will be located in a zone designated by the IRS as eligible for the NMTC Program and are considered eligible business activities for the NMTC Program. Under the NMTC Program, an investor that makes a capital investment, which, in turn, together with leverage loan sources, is used to make a Qualifying Equity Investment (a "QEI") in an entity that (a) qualifies as a Community Development Entity ("CDE"), (b) has applied for and been granted an allocation of a portion of the total federal funds available to fund the credits (an "NMTC Allocation") and (c) uses a minimum specified portion of the QEI to make a Qualified Low Income Community Investment up to the maximum amount of the CDE’s NMTC Allocation will be entitled to claim, over a period of seven years, federal nonrefundable tax credits in an amount equal to 39% of the QEI amount (an "NMTC"). NMTCs are subject to 100% recapture for a period of seven years as provided in the Internal Revenue Code. Micro Mill NMTC Transaction In the second quarter of fiscal 2016, certain of the Company's subsidiaries entered into an NMTC transaction with U.S. Bancorp Community Development Corporation, a Minnesota corporation ("USBCDC"), related to the construction, development and equipping of a new micro mill in Durant, Oklahoma (the "Micro Mill Project"). To effect the transaction, USBCDC made a $17.7 million capital contribution ("the USBCDC Equity") to USBCDC Investment Fund 156, LLC, a Missouri limited liability company (the "Investment Fund"). Additionally, Commonwealth Acquisition Holdings, Inc., a wholly-owned subsidiary of the Company ("Commonwealth"), made a $35.3 million loan to the Investment Fund at an interest rate of approximately 1.08% per year with a maturity date of December 24, 2045 (the "Commonwealth Mill Loan"). The Investment Fund used $51.5 million of the proceeds received from the Commonwealth Mill Loan and the USBCDC Equity to make QEIs into CDEs, which, in turn, used $50.7 million of the QEIs to make loans to CMC Steel OK with terms similar to the Commonwealth Mill Loan and as partial financing for the Micro Mill Project. The proceeds of the loans from the CDEs were recorded as restricted cash and included in other current assets in the accompanying consolidated balance sheets. In connection with this NMTC transaction, CMC Steel OK spent $21.0 million for qualified construction, development and equipping activities and for fees and costs incurred for the Micro Mill Project, including construction period interest for loan servicing, audit and tax expenses and management fees paid to the CDEs during the fiscal year ended August 31, 2017. The balance remaining in restricted cash was $0.7 million at August 31, 2017. Post Shop NMTC Transaction In the third quarter of fiscal 2017, certain of the Company's subsidiaries entered into a second NMTC transaction with USBCDC, related to the construction, development and equipping of a new T-post shop in Durant, Oklahoma (the "Post Shop Project"). To effect the transaction, USBCDC made capital contributions to Twain Investment Fund 219, LLC (the "Fund 219"), and Twain Investment Fund 222 (the "Fund 222"), both Missouri limited liability companies, in the amounts of $2.8 million (the "USBCDC Fund 219 Equity") and $2.2 million (the "USBCDC Fund 222 Equity"), respectively. Additionally, Commonwealth made a $10.4 million loan to Fund 219 at an interest rate of approximately 1.16% per year with a maturity date of March 23, 2047 (the "Commonwealth Post Shop Loan"). Fund 219 used $12.8 million of the proceeds received from the Commonwealth Post Shop Loan and the USBCDC Fund 219 Equity to make a QEI into a CDE, which, in turn, used $12.6 million of the QEI to make a loan to CMC Post OK with terms similar to the Commonwealth Post Shop Loan and as partial financing for the Post Shop Project. Additionally, Fund 222 used $2.2 million of the proceeds received from the USBCDC Fund 222 Equity to make a QEI into a CDE, which, in turn, used $2.1 million of the QEI to make a loan to CMC Post OK. The proceeds of the loans from the CDEs were recorded as restricted cash and included in other current assets in the accompanying consolidated balance sheet. In connection with this NMTC transaction, CMC Post OK spent $0.8 million for qualified construction, development and equipping activities and for fees and costs incurred for the Post Shop Project, including construction period interest for loan servicing, audit and tax expenses and management fees paid to the CDEs during the year ended August 31, 2017. The balance remaining in restricted cash was $13.3 million at August 31, 2017. Spooler NMTC Transaction In the fourth quarter of fiscal 2017, certain of the Company's subsidiaries entered into a third NMTC transaction with USBCDC, related to the procurement and installation of equipment that will produce spooled rebar in the new micro mill in Durant, Oklahoma (the "Spooler Project"). To effect the transaction, USBCDC made capital contributions to Twain Investment Fund 249, LLC (the "Fund 249"), a Missouri limited liability company, in the amount of $6.7 million (the "USBCDC Fund 249 Equity"). Additionally, Commonwealth made a $14.0 million loan to Fund 249 at an interest rate of approximately 1.39% per year with a maturity date of July 26, 2042 (the "Commonwealth Spooler Loan"). Fund 249 used $20.0 million of the proceeds received from the Commonwealth Spooler Loan and the USBCDC Fund 249 Equity to make a QEI into a CDE, which, in turn, used $19.4 million of the QEI to make loans to CMC Steel OK with terms similar to the Commonwealth Spooler Loan and as partial financing for the Spooler Project. The proceeds of the loans from the CDE, less certain transaction costs, were recorded as restricted cash and included in other current assets in the accompanying consolidated balance sheet. In connection with this NMTC transaction, CMC Steel OK had no spending for qualified procurement activities for the Spooler Project during the year ended August 31, 2017. The balance remaining in restricted cash was $18.8 million at August 31, 2017. Variable Interest Entities By virtue of its capital contributions to the Investment Fund, Fund 219, and Fund 249, (collectively the "Funds") USBCDC is entitled to substantially all of the benefits derived from the NMTCs. These transactions include a put/call provision whereby the Company may be obligated or entitled to repurchase USBCDC’s interest in the Funds at the end of a seven -year period, in the case of the Investment Fund and Fund 249 or an eight -year period, in the case of Fund 219 (each of such periods an "Exercise Period"). The Company believes USBCDC will exercise the put options following the end of the respective Exercise Periods. The value attributed to the put/call is de minimis. The Company is required to be in compliance with various regulations and contractual provisions that apply to the NMTC transactions. Non-compliance with applicable requirements could result in unrealized projected tax benefits and, therefore, could require the Company to indemnify USBCDC for any loss or recapture of NMTCs related to the financing until such time as the Company's obligation to deliver tax benefits is relieved. The Company does not anticipate any credit recaptures will be required in connection with these transactions. The Company has determined that the Funds are VIEs, of which the Company is the primary beneficiary and has consolidated them in accordance with Accounting Standards Codification Topic 810, Consolidation. USBCDC’s contributions are included in other long-term liabilities in the accompanying consolidated balance sheets. Direct costs incurred in structuring the transactions were deferred and are recognized as expense over each Exercise Period. Incremental costs to maintain the structures during the compliance periods are recognized as incurred. The Company has determined that Fund 222 is a VIE, of which the Company is not the primary beneficiary and has therefore not consolidated Fund 222 and treated the QEI of $2.1 million from Fund 222 as debt. The determination that the Company is not the primary beneficiary was partially based on the fact that no put/call provision exists whereby the Company is able to repurchase USBCDC's interest in the Fund following the end of the Exercise Period. The debt is included in long-term debt in the accompanying consolidated balance sheet as of August 31, 2017, and represents the Company's maximum exposure to loss as a result of its involvement with the VIE.

DERIVATIVES AND RISK MANAGEMENT

DERIVATIVES AND RISK MANAGEMENT	12 Months Ended
	Aug. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVES AND RISK MANAGEMENT	NOTE 12. DERIVATIVES AND RISK MANAGEMENT The Company's global operations and product lines expose it to risks from fluctuations in metal commodity prices, foreign currency exchange rates, natural gas prices and interest rates. One objective of the Company's risk management program is to mitigate these risks using derivative instruments. The Company enters into (i) metal commodity futures and forward contracts to mitigate the risk of unanticipated changes in gross margin due to the volatility of the commodities' prices and (ii) foreign currency forward contracts that match the expected settlements for purchases and sales denominated in foreign currencies. The Company considers the total notional value of its futures and forward contracts as the best measure of the volume of derivative transactions. At August 31, 2017 , the notional values of the Company's foreign currency contract commitments and its commodity contract commitments were $300.4 million and $59.3 million , respectively. At August 31, 2016 , the notional values of the Company's foreign currency contract commitments and its commodity contract commitments were $258.3 million and $19.8 million , respectively. The Company designates only those contracts which closely match the terms of the underlying transaction as hedges for accounting purposes. These hedges resulted in substantially no ineffectiveness in the Company's consolidated statements of earnings, and there were no components excluded from the assessment of hedge effectiveness for the years ended August 31, 2017 and 2016 . Certain foreign currency and commodity contracts were not designated as hedges for accounting purposes, although management believes they are essential economic hedges. The following tables summarize activities related to the Company's derivative instruments and hedged items recognized in the consolidated statements of earnings: Year Ended August 31, Derivatives Not Designated as Hedging Instruments (in thousands) Location 2017 2016 2015 Commodity Cost of goods sold $ (9,095 ) $ 2,675 $ 7,746 Foreign exchange Net sales — — 3,005 Foreign exchange Cost of goods sold (47 ) 19 4,996 Foreign exchange SG&A expenses (5,400 ) 11,732 23,105 Gain (loss) from continuing operations before income taxes $ (14,542 ) $ 14,426 $ 38,852 The Company's fair value hedges are designated for accounting purposes with the gains or losses on the hedged items offsetting the gains or losses on the related derivative transactions. Hedged items relate to firm commitments on commercial sales and purchases and capital expenditures. Amount of gain (loss) recognized in income on derivatives for the year ended August 31, Amount of gain (loss) recognized in income on related hedge items for the year ended August 31, Location of gain (loss) recognized in income on derivatives 2017 2016 2015 Location of gain (loss) recognized in income on related hedged items 2017 2016 2015 Foreign exchange Net sales $ 25 $ (38 ) $ (236 ) Net sales $ (25 ) $ 38 $ 236 Foreign exchange Cost of goods sold (1,436 ) (1,075 ) 888 Cost of goods sold 1,436 1,075 (888 ) Gain (loss) from continuing operations before income taxes $ (1,411 ) $ (1,113 ) $ 652 $ 1,411 $ 1,113 $ (652 ) Effective Portion of Derivatives Designated as Cash Flow Hedging Instruments Recognized in Accumulated Other Comprehensive Income (Loss) (in thousands) August 31, 2017 2016 2015 Commodity $ 210 $ (204 ) $ (635 ) Foreign exchange 546 1,822 (1,832 ) Gain (loss), net of income taxes $ 756 $ 1,618 $ (2,467 ) Refer to Note 4, Accumulated Other Comprehensive Income (Loss), for the effective portion of derivatives designated as cash flow hedging instruments reclassified from AOCI. The Company enters into derivative agreements that include provisions to allow the set-off of certain amounts. Derivative instruments are presented on a gross basis on the Company's consolidated balance sheets. The asset and liability balances in the tables below reflect the gross amounts of derivative instruments at August 31, 2017 and 2016 . The fair value of the Company's derivative instruments on the consolidated balance sheets was as follows: Derivative Assets (in thousands) August 31, 2017 2016 Commodity — not designated for hedge accounting $ 767 $ 584 Foreign exchange — designated for hedge accounting 81 1,398 Foreign exchange — not designated for hedge accounting 1,286 750 Derivative assets (other current assets)* $ 2,134 $ 2,732 Commodity — designated for hedge accounting $ — $ 4 Derivative assets (assets held for sale - current)* $ — $ 4 Derivative Liabilities (in thousands) August 31, 2017 2016 Commodity — not designated for hedge accounting 3,251 117 Foreign exchange — designated for hedge accounting 1,549 902 Foreign exchange — not designated for hedge accounting 3,710 1,161 Derivative liabilities (accrued expenses and other payables)* $ 8,510 $ 2,180 Commodity — designated for hedge accounting $ — $ 5 Derivative liabilities (liabilities held for sale - current)* $ — $ 5 _________________________ * Derivative assets and liabilities do not include the hedged items designated as fair value hedges. As of August 31, 2017 and 2016 , all of the Company's derivative instruments designated to hedge exposure to the variability in future cash flows of the forecasted transactions will mature within twelve months. All of the instruments are highly liquid and were not entered into for trading purposes.

FAIR VALUE

FAIR VALUE	12 Months Ended
	Aug. 31, 2017
Fair Value Disclosures [Abstract]
FAIR VALUE	NOTE 13. FAIR VALUE The Company has established a fair value hierarchy which prioritizes the inputs to the valuation techniques used to measure fair value into three levels. These levels are determined based on the lowest level input that is significant to the fair value measurement. Levels within the hierarchy are defined as follows: Level 1 - Unadjusted quoted prices in active markets for identical assets and liabilities; Level 2 - Quoted prices for similar assets and liabilities in active markets (other than those included in Level 1) which are observable, either directly or indirectly; and Level 3 - Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. The following tables summarize information regarding the Company's financial assets and financial liabilities that were measured at fair value on a recurring basis: Fair Value Measurements at Reporting Date Using (in thousands) August 31, 2017 Quoted Prices in Significant Other Significant Assets: Investment deposit accounts (1) $ 43,553 $ 43,553 $ — $ — Commodity derivative assets (2) 767 767 — — Foreign exchange derivative assets (2) 1,367 — 1,367 — Liabilities: Commodity derivative liabilities (2) 3,251 3,251 — — Foreign exchange derivative liabilities (2) 5,259 — 5,259 — Fair Value Measurements at Reporting Date Using (in thousands) August 31, 2016 Quoted Prices in Significant Other Significant Assets: Investment deposit accounts (1) $ 278,759 $ 278,759 $ — $ — Commodity derivative assets (2) 588 584 4 — Foreign exchange derivative assets (2) 2,148 — 2,148 — Liabilities: Commodity derivative liabilities (2) 122 117 5 — Foreign exchange derivative liabilities (2) 2,063 — 2,063 — _________________ (1) Investment deposit accounts are short-term in nature, and the value is determined by principal plus interest. The investment portfolio mix can change each period based on the Company's assessment of investment options. (2) Derivative assets and liabilities classified as Level 1 are commodity futures contracts valued based on quoted market prices in the London Metal Exchange or the New York Mercantile Exchange. Amount in Level 2 are based on broker quotes in the over-the-counter market. Further discussion regarding the Company's use of derivative instruments and the classification of the assets and liabilities is included in Note 13, Derivatives and Risk Management. In the fourth quarter of fiscal 2017, as a result of the Company's plan to pursue a restructuring and sale of the steel trading business in Australia, the Company prepared an impairment analysis on the asset disposal groups in Australia. As a result, during the fourth quarter of fiscal 2017, the Company recorded an impairment charge of $4.2 million related to accumulated foreign currency translation loss. Indicators of value from other recent sales of similar businesses within the segment (Level 3) were the basis for the determination of fair value of this component. This loss was recorded within earnings from continuing operations during the year ended August 31, 2017 and is included in the asset impairments line as a non-cash add back to net earnings on the Company's consolidated statement of cash flows. See Note 3, Changes in Business, for additional discussion of the Company's plans for its International Marketing and Distribution segment. On June 10, 2016, the Company, through its wholly-owned Australian subsidiary, G.A.M. Steel Pty. Ltd., signed a definitive asset sale agreement to sell its remaining steel distribution assets located in Australia. During the third quarter of fiscal 2016, the Company recorded an impairment charge of $15.8 million , including the impact of an approximate $13.5 million accumulated foreign currency translation loss, on this remaining component of the Australian steel distribution business that was classified as held for sale at May 31, 2016. The signed definitive asset sale agreement (Level 3) was the basis for the determination of fair value of this component. This impairment charge was recorded in loss from discontinued operations during the year ended August 31, 2016. In the fourth quarter of fiscal 2016, the Company prepared an impairment analysis on long-lived asset groups within the Americas Recycling segment and determined the carrying value of certain fixed assets exceeded their fair value as determined using market and income approaches. Determining the fair value is judgmental in nature and requires the use of significant estimates and assumptions, considered to be level 3 inputs, including projected cash flows over the estimated projection period and the discount rate. The resulting $38.9 million non-cash, pre-tax impairment charges were recorded within the Americas Recycling segment. See Note 8, Long-Lived Asset Impairment and Facility Closure Costs, for additional information. After consideration of the impairment charges, the fair value of the Americas Recycling segment's fixed assets was $82.8 million at August 31, 2016. There were no other material non-recurring fair value remeasurements during fiscal years ended August 31, 2017 and 2016 . The carrying values of the Company's short-term items, including the deferred purchase price of accounts receivable, documentary letters of credit and notes payable, approximate fair value due to their short-term nature. The carrying values and estimated fair values of the Company's financial assets and liabilities that are not required to be measured at fair value on the consolidated balance sheets are as follows: August 31, 2017 August 31, 2016 (in thousands) Fair Value Hierarchy Carrying Value Fair Value Carrying Value Fair Value 2027 Notes (1) Level 2 $ 300,000 $ 314,286 $ — $ — 2023 Notes (1) Level 2 330,000 340,052 330,000 332,010 2022 Term Loan (2) Level 2 150,000 150,000 — — 2018 Notes (1) Level 2 — — 408,874 432,303 2017 Notes (1) Level 2 — — 302,601 311,250 _________________ (1) The fair value of the Notes is determined based on indicated market values. (2) The Term Loan contains variable interest rates and its carrying value approximates fair value.

INCOME TAX

INCOME TAX	12 Months Ended
	Aug. 31, 2017
Income Tax Disclosure [Abstract]
INCOME TAX	NOTE 14. INCOME TAX The components of earnings from continuing operations before income taxes are as follows: Year Ended August 31, (in thousands) 2017 2016 2015 United States $ 15,739 $ 47,076 $ 81,619 Foreign 29,265 21,634 14,843 Total $ 45,004 $ 68,710 $ 96,462 The income taxes (benefit) included in the consolidated statements of earnings are as follows: Year Ended August 31, (in thousands) 2017 2016 2015 Current: United States $ 11,345 $ 5,224 $ 53,258 Foreign 9,464 6,991 3,329 State and local 2,654 4,130 2,830 Current taxes $ 23,463 $ 16,345 $ 59,417 Deferred: United States $ (13,548 ) $ (4,423 ) $ (14,219 ) Foreign (917 ) 254 722 State and local 281 303 488 Deferred taxes $ (14,184 ) $ (3,866 ) $ (13,009 ) Total income taxes on income $ 9,279 $ 12,479 $ 46,408 Income taxes (benefit) on discontinued operations (3,175 ) 1,669 12,950 Income taxes on continuing operations $ 12,454 $ 10,810 $ 33,458 A reconciliation of the federal statutory rate to the Company's effective income tax rate from continuing operations is as follows: Year Ended August 31, (in thousands) 2017 2016 2015 Income tax expense at statutory rate of 35% $ 15,751 $ 24,050 $ 33,761 Change in valuation allowance 113,089 75,076 16,194 Foreign tax impairment on valuation of subsidiaries (92,321 ) (60,204 ) — Nontaxable foreign interest (19,259 ) (16,063 ) (16,712 ) Foreign rate differential (5,534 ) (1,522 ) (1,872 ) Deferred compensation (2,101 ) (1,375 ) 772 State and local taxes 1,698 1,950 1,802 Section 199 manufacturing deduction (1,407 ) (4,694 ) (4,017 ) Audit settlement (659 ) (10,264 ) — Other 3,197 3,856 3,530 Income tax expense on continuing operations $ 12,454 $ 10,810 $ 33,458 Effective income tax rates from continuing operations 27.7 % 15.7 % 34.7 % The Company's effective income tax rate from continuing operations was 27.7% for the year ended August 31, 2017 , compared to the statutory rate of 35% . Several factors influence the effective tax rate. Items that benefited the effective tax rate include: (i) benefit for domestic production activity income under Section 199 of the Internal Revenue Code ("Section 199"), (ii) a non-taxable gain on assets related to the Company's nonqualified Benefits Restoration Plan ("BRP"), and (iii) the proportion of the Company's global income from operations in jurisdictions with lower statutory tax rates than the U.S., including Poland, which has a statutory income tax rate of 19% . Items negatively impacting the effective tax rate include: (a) U.S. state and local taxes imposed on income from domestic operations, and (b) losses from operations in certain jurisdictions where the Company maintains a valuation allowance, thus providing no benefit for such losses. For the year ended August 31, 2016 , the effective income tax rate from continuing operations was 15.7% compared to the statutory rate of 35% . Items that benefited the effective tax rate include: (i) net favorable adjustments resulting from the settlement of an audit, including the release of certain unrecognized tax benefits for which the accruals were greater than the amount assessed, (ii) benefit for domestic production activity income under Section 199, (iii) a non-taxable gain on assets related to the Company's nonqualified BRP, and (iv) the proportion of the Company's global income from operations in jurisdictions with lower statutory tax rates than the U.S., including Poland, which has a statutory income tax rate of 19% . Items negatively impacting the effective tax rate include: (a) U.S. state and local taxes imposed on the release of unrecognized tax benefits, and (b) losses from operations in certain jurisdictions where the Company maintains a valuation allowance, thus providing no benefit for such losses. For the year ended August 31, 2015 , the effective income tax rate from continuing operations was 34.7% compared to the statutory rate of 35% . Items that benefited the effective tax rate include: (i) income from operations in jurisdictions with lower statutory tax rates than the U.S., including Poland, and (ii) benefit for domestic production activity under Section 199. Items negatively impacting the effective tax rate include: (a) U.S. state and local taxes imposed on income from domestic operations, (b) losses from operations in certain jurisdictions where the Company maintains a valuation allowance, thus providing no benefit for such losses, and (c) a non-deductible loss on nonqualified BRP assets. The Company's tax benefit from discontinued operations for the year ended August 31, 2017 was $3.2 million , or an effective income tax rate of (29.9)% . The tax benefit in discontinued operations is largely attributed to domestic operations losses related to CMC Cometals. Additionally, income in discontinued operations from the International Marketing and Distribution segment was primarily earned in foreign jurisdictions that benefit from group loss sharing provisions. Such losses, which carry a full valuation allowance, are utilized to absorb the International Marketing and Distribution income; thus there is no tax expense or benefit associated with the income from discontinued operations earned in foreign jurisdictions. The Company’s tax expense from discontinued operations for the year ended August 31, 2016 was $1.7 million , or an effective income tax rate of (113.6)% . The International Marketing and Distribution segment's incurred net pre-tax losses in foreign jurisdictions in excess of the pre-tax income earned in the U.S., producing a nominal pre-tax loss in discontinued operations. The tax expense associated with discontinued operations is primarily related to the tax effect of income earned in the U.S. The Company’s tax expense from discontinued operations for the year ended August 31, 2015 was $13.0 million , or an effective income tax rate of 44.1% . Pre-tax income from CMC Cometals operations in the U.S., subject to tax at the statutory rate of 35%, is offset by net pre-tax losses in the International Marketing and Distribution segment's foreign operations. Such foreign pre-tax losses were recorded in jurisdictions where the Company maintains a full valuation allowance, thus providing no tax benefit for such losses. The Company made net payments of $31.0 million , $50.2 million and $61.0 million for income taxes for the years ended August 31, 2017 , 2016 and 2015 , respectively. The income tax effects of significant temporary differences giving rise to deferred tax assets and liabilities are as follows: August 31, (in thousands) 2017 2016 Deferred tax assets: Deferred compensation and employee benefits $ 46,898 $ 45,496 Net operating losses and credits 273,549 154,606 Reserves and other accrued expenses 21,727 18,831 Allowance for doubtful accounts 3,223 2,438 Intangibles 3,924 6,214 Other 2,314 768 Total deferred tax assets 351,635 228,353 Valuation allowance for deferred tax assets (273,991 ) (153,011 ) Deferred tax assets, net $ 77,644 $ 75,342 Deferred tax liabilities: Fixed assets $ 101,707 $ 96,100 Inventory 12,731 30,822 Other 2,455 2,799 Total deferred tax liabilities $ 116,893 $ 129,721 Net deferred tax liabilities $ (39,249 ) $ (54,379 ) Net operating losses giving rise to deferred tax assets consist of $382.9 million of state net operating losses that expire during the tax years ending from 2018 to 2037 and foreign net operating losses of $840.4 million that expire in varying amounts beginning in 2018 (with certain amounts having indefinite lives). These assets will be reduced as income tax expense is recognized in future periods. The Company maintains a valuation allowance to reduce certain deferred tax assets to amounts that are more likely than not to be realized. During the years ended August 31, 2017 and August 31, 2016 , the Company recorded valuation allowances of $121.0 million and $73.0 million , respectively, related to net operating loss carryforwards in certain state and foreign jurisdictions due to the uncertainty of their realization. Such valuation allowances are largely attributed to losses generated by foreign tax impairment charges on valuation of subsidiaries. In general, it is the practice and intention of the Company to reinvest the earnings of its non-U.S. subsidiaries in those operations. As of August 31, 2017 , the Company had not made a provision for U.S. or additional foreign withholding taxes on approximately $578.1 million of undistributed earnings and profits associated with the excess of the amount for financial reporting over the income tax basis of investments in foreign subsidiaries that is indefinitely reinvested. Generally, such amounts become subject to U.S. taxation upon the remittance of dividends and under certain other circumstances. It is not practicable to estimate the amount of deferred tax liability related to investments in these foreign subsidiaries. The unrecognized income tax benefits as of August 31, 2017 and August 31, 2016 were $9.3 million and $9.5 million , respectively, all of which, if recognized, would have impacted the Company's effective income tax rate at the end of fiscal 2017 and 2016 , respectively. The unrecognized income tax benefits as of August 31, 2015 were $27.3 million , of which $12.0 million , if recognized, would have impacted the Company's effective tax rate for the end of fiscal 2015 . A reconciliation of the beginning and ending amounts of unrecognized income tax benefits is as follows: August 31, (in thousands) 2017 2016 2015 Balance at September 1 $ 9,522 $ 27,349 $ 27,349 Change in tax positions of current year — — — Change for tax positions of prior years — — — Reductions due to settlements with taxing authorities (239 ) (17,827 ) — Balance at August 31 $ 9,283 $ 9,522 $ 27,349 The Company's policy classifies interest recognized on an underpayment of income taxes and any statutory penalties recognized on a tax position as income tax expense, and the balances at the end of a reporting period are recorded as part of the current or noncurrent liability for uncertain income tax positions. At August 31, 2017 and 2016 , the Company had accrued interest and penalties related to uncertain tax positions of $1.2 million and $1.0 million , respectively. During the twelve months ending August 31, 2018 , we anticipate that the statute of limitations pertaining to positions of the Company in prior year income tax returns may lapse or that income tax audits in various taxing jurisdictions will be finalized. As a result of such statute lapses or audit settlements, it is reasonably possibly that the amount of unrecognized tax benefits may decrease by $9.3 million. The Company files income tax returns in the U.S. and multiple foreign jurisdictions with varying statutes of limitations. In the normal course of business, the Company and its subsidiaries are subject to examination by various taxing authorities. The following is a summary of tax years subject to examination: U.S. Federal — 2009 and forward U.S. States — 2009 and forward Foreign — 2011 and forward During the fiscal year ended August 31, 2016, the Company completed an IRS exam for the years 2009 through 2011 and received confirmation from the United States Congress Joint Committee on Taxation that all matters were settled with the exception of R&D credits, which are still under review as of August 31, 2017. In addition, the Company is under examination with certain state revenue authorities for the years 2009 to 2015. Management believes the Company's recorded income tax liabilities as of August 31, 2017 sufficiently reflect the anticipated outcome of these examinations.

STOCK-BASED COMPENSATION PLANS

STOCK-BASED COMPENSATION PLANS	12 Months Ended
	Aug. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
STOCK-BASED COMPENSATION PLANS	NOTE 15. STOCK-BASED COMPENSATION PLANS The Company's stock-based compensation plans provide for the issuance of incentive and nonqualified stock options, restricted stock and units, stock appreciation rights and performance-based awards. The Compensation Committee of CMC's Board of Directors (the "Compensation Committee") approves all awards that are granted under the Company's stock-based compensation plans. Stock-based compensation expense for the years ended August 31, 2017 , 2016 and 2015 of $30.3 million , $26.4 million and $23.5 million , respectively, is mainly included in selling, general and administrative expenses on the Company's consolidated statements of earnings. As of August 31, 2017 , total unrecognized compensation cost related to unvested stock-based compensation arrangements was $19.3 million , which is expected to be recognized over a weighted-average period of three years, except for certain restricted stock units granted during fiscal 2014, which are expected to vest over a weighted-average period of four years. The following table summarizes the total awards granted: Restricted Stock Performance 2017 Grants 1,303,976 576,286 2016 Grants 1,137,000 540,295 2015 Grants 987,574 462,496 As of August 31, 2017 , CMC had 11,144,004 shares available for future grants. Restricted Stock Units Restricted stock units issued under the Company's stock-based compensation plans provide that units awarded may not be sold, transferred, pledged or assigned until service-based restrictions lapse. The restricted stock units granted to U.S. employees generally vest and are converted to CMC common stock in three equal installments on each of the first three anniversaries of the date of grant. The restricted stock units granted to non-U.S. employees generally vest and are settled in cash in three equal installments on each of the first three anniversaries of the date of grant. Generally, upon termination of employment, restricted stock units that have not vested are forfeited. Upon death, disability or qualifying retirement, a pro-rata portion of the unvested restricted stock awarded will vest and become payable. Certain restricted stock units granted during fiscal 2014 will vest and either convert to CMC common stock or settle in cash after a specified service period; 25% vest two years from the date of grant; 25% vest three years from the date of grant; and the remaining 50% vest four years from the date of grant. The estimated fair value of the stock-settled restricted stock units is based on the closing price of CMC common stock on the date of grant, discounted for the expected dividend yield through the vesting period. Compensation cost related to the stock-settled restricted stock units is recognized ratably over the service period and is included in equity on the Company's consolidated balance sheets. During the first quarter of fiscal 2017, certain restricted stock units and performance stock units (the "modified stock units") that were previously accounted for under the equity method were modified to allow optionality related to the net share settlement feature, which resulted in accounting for these awards under the liability method. The fair value of the cash-settled restricted stock units as well as the modified stock units is remeasured each reporting period and is recognized ratably over the service period. The liability related to the cash-settled restricted stock units and modified stock units is included in accrued expenses and other payables on the Company's consolidated balance sheets. For the year ended August 31, 2017, the Company recorded expense of $2.8 million as a result of the modification and the impact of the change in stock value on liability-treated awards, compared to immaterial mark-to-market adjustments for the year ended August 31, 2016. Performance Stock Units Performance stock units issued under the Company's stock-based compensation plans provide that units awarded may not be sold, transferred, pledged or assigned until service-based restrictions lapse and any performance objectives have been attained as established by the Compensation Committee. Recipients of these awards generally must be actively employed by and providing services to the Company on the last day of the performance period in order to receive an award payout. Upon death, disability or qualifying retirement, a pro-rata portion of the performance stock units will vest and become payable at the end of the performance period. Compensation cost for performance stock units is accrued based on the probable outcome of specified performance conditions, net of estimated forfeitures. The Company accrues compensation cost if it is probable that the performance conditions will be met. The Company reassesses the probability of meeting the specified performance conditions at the end of each reporting period and adjusts compensation cost, as necessary, based on the probability of achieving the performance conditions. If the performance conditions are not met at the end of the performance period, the Company reverses the related compensation cost. Performance targets established by the Compensation Committee for performance stock units awarded in fiscal years 2017 , 2016 and 2015 are weighted 75% based on the Company's cumulative EBITDA targets and positive return on invested capital for the fiscal year in which the awards were granted and the succeeding two fiscal years, as approved by CMC's Board of Directors in the respective year's business plan, and 25% based on a three year relative total stockholder return metric. Performance stock units awarded to U.S. participants will be settled in CMC common stock. Award payouts range from a threshold of 50% to a maximum of 200% for each portion of the target awards. The performance stock units awarded in fiscal years 2017 and 2016 associated with the cumulative EBITDA targets have been classified as liability awards since the final EBITDA target will not be set until the third year of the performance period. Consequently, these awards are included in accrued expenses and other payables on the Company's consolidated balance sheets. The fair value of these performance stock units is remeasured each reporting period and is recognized ratably over the service period. The performance stock units associated with the total stockholder return metric were valued at fair value on the date of grant using the Monte Carlo pricing model and are included in equity on the Company's consolidated balance sheets. Performance stock units awarded to non-U.S. participants in fiscal 2017 , 2016 and 2015 will be settled in cash. The fair value of the performance stock units is remeasured each reporting period and is recognized ratably over the service period. The liability related to these awards is included in accrued expenses and other payables on the Company's consolidated balance sheets. Information for restricted stock units and performance stock units, excluding those expected to settle in cash, is as follows: Number Weighted Average Outstanding as of September 1, 2014 2,080,580 $ 15.37 Granted 1,468,696 15.79 Vested (712,279 ) 14.33 Forfeited (103,663 ) 15.51 Outstanding as of August 31, 2015 2,733,334 15.86 Granted 1,612,772 15.83 Vested (1,471,436 ) 14.47 Forfeited (174,440 ) 17.60 Outstanding as of August 31, 2016 2,700,230 16.49 Granted 1,462,442 16.17 Vested (1,385,753 ) 17.62 Forfeited (323,339 ) 16.58 Outstanding as of August 31, 2017 2,453,580 $ 15.65 The total fair value of shares vested during fiscal years 2017 , 2016 and 2015 was $24.4 million , $21.3 million and $10.2 million , respectively. The Company granted 914,545 and 464,782 equivalent shares of restricted stock units and performance stock units accounted for as liability awards during the years ended August 31, 2017 and 2016 , respectively. As of August 31, 2017 , the Company had 1,752,492 equivalent shares of awards outstanding and expects 1,671,441 equivalent shares to vest. Stock Appreciation Rights Stock appreciation rights are awarded to certain employees with an exercise price equal to the market value of CMC common stock on the date of grant. No stock appreciation rights were granted during the years ended August 31, 2017 , 2016 , and 2015 . Combined activity for the Company's stock appreciation rights, excluding the cash component, is as follows: Number Weighted Weighted Aggregate Intrinsic Value Outstanding as of September 1, 2014 1,437,031 $ 19.85 Exercised (142,604 ) 11.80 Forfeited/Expired (452,210 ) 35.10 Outstanding as of August 31, 2015 842,217 $ 13.04 2.7 $ 2,243,765 Exercised (418,378 ) 12.10 Forfeited/Expired (64,845 ) 11.60 Outstanding as of August 31, 2016 358,994 $ 14.39 1.7 $ 405,864 Exercised (235,687 ) 14.72 Forfeited/Expired (14,000 ) 14.05 Outstanding as of August 31, 2017 109,307 $ 13.72 1.3 $ 564,826 Exercisable at August 31, 2017 109,307 $ 13.72 1.3 $ 564,826 Remaining unvested stock appreciation rights expected to vest — $ — The total intrinsic value of stock appreciation rights exercised during fiscal 2017 and 2016 was $1.4 million and $2.2 million , respectively. The total intrinsic value of stock appreciation rights exercised during fiscal 2015 was not material. Information related to stock appreciation rights as of August 31, 2017 is summarized below: Stock Appreciation Rights Outstanding and Exercisable Range of Exercise Prices Number Outstanding and Exercisable Weighted Average Remaining Contractual Life (In Years) Weighted Average Exercise Price $11.60 - 14.12 81,307 1.6 $ 12.65 $16.83 - 16.83 28,000 0.4 $ 16.83 109,307 1.3 $ 13.72 As of August 31, 2017 , the Company had 6,367 equivalent shares of cash-settled stock appreciation rights outstanding and expects 6,048 equivalent shares of cash-settled stock appreciation rights to vest. Stock Purchase Plan Almost all U.S. resident employees with one year of service at the beginning of each calendar year may participate in the Company's employee stock purchase plan. Each eligible employee may purchase up to 400 shares annually. The Board of Directors established the purchase discount of 15% based on market prices on specified dates for the years ended August 31, 2017 , 2016 and 2015 . Yearly activity of the stock purchase plan is as follows: 2017 2016 2015 Shares subscribed 173,420 212,370 198,710 Price per share $ 18.99 $ 12.03 $ 13.73 Shares purchased 166,220 156,860 172,170 Price per share $ 12.04 $ 13.71 $ 16.96 Shares available for future issuance 3,517,604

CAPITAL STOCK

CAPITAL STOCK	12 Months Ended
	Aug. 31, 2017
Stockholders' Equity Note [Abstract]
CAPITAL STOCK	NOTE 16. CAPITAL STOCK Treasury Stock During the first quarter of fiscal 2015, CMC's Board of Directors authorized a share repurchase program under which the Company may repurchase up to $100.0 million of the outstanding shares of CMC common stock. The share repurchase program does not require the Company to acquire any dollar amount or number of shares of CMC common stock and may be modified, suspended, extended or terminated at any time without prior notice. During the year ended August 31, 2017 , the Company did not purchase any shares of CMC common stock. During the year ended August 31, 2016 , the Company purchased 2.3 million shares of CMC common stock at an average purchase price of $13.57 per share. The Company had remaining authorization to purchase $ 27.6 million of CMC common stock at August 31, 2017 . Preferred Stock Preferred stock has a par value of $1.00 per share, with 2,000,000 shares authorized. It may be issued in series, and the shares of each series have such rights and preferences as may be fixed by CMC's Board of Directors when authorizing the issuance of that particular series. There are no shares of preferred stock outstanding.

EMPLOYEES' RETIREMENT PLANS

EMPLOYEES' RETIREMENT PLANS	12 Months Ended
	Aug. 31, 2017
Compensation and Retirement Disclosure [Abstract]
EMPLOYEES' RETIREMENT PLANS	NOTE 17. EMPLOYEES' RETIREMENT PLANS Substantially all employees in the U.S. are covered by a defined contribution retirement plan. This tax qualified plan is maintained and contributions are made in accordance with the Employee Retirement Income Security Act of 1974, as amended ("ERISA"). The Company also provides certain eligible executives benefits pursuant to its BRP equal to amounts that would have been available under the tax qualified ERISA plan, but were subject to the limitations of ERISA, tax laws and regulations. Company expenses for these plans, a portion of which are discretionary, are primarily recorded in both cost of goods sold and selling, general and administrative expenses, with an immaterial portion included in earnings (loss) from discontinued operations before income taxes, and totaled $28.3 million , $25.0 million and $9.7 million for the years ended August 31, 2017 , 2016 and 2015 , respectively. The deferred compensation liability under the BRP was $73.1 million and $71.0 million at August 31, 2017 and 2016 , with $50.1 million and $71.0 million , respectively, included in other long-term liabilities on the Company's consolidated balance sheets. At August 31, 2017, $23.0 million of the deferred compensation liability related to the BRP was included in accrued expenses and other payables on the Company's consolidated balance sheets. Though under no obligation to fund the BRP, the Company has segregated assets in a trust with a current value of $75.7 million and $69.7 million at August 31, 2017 and 2016 , respectively, and such assets were included in other long-term assets on the Company's consolidated balance sheets. The net holding gain on these segregated assets was $7.5 million and $5.4 million for the years ended August 31, 2017 and 2016, respectively, and was included in net sales in the Company's consolidated statements of earnings. The net holding loss on these segregated assets was immaterial for the year ended August 31, 2015 . A certain number of employees, primarily outside of the U.S., participate in defined benefit plans that are maintained in accordance with local regulations. The Company's expenses for these plans were not material for the years ended August 31, 2017 , 2016 and 2015 , respectively, and are primarily included in selling, general and administrative expenses in the Company's consolidated statements of earnings. The Company recognizes the unfunded status of the defined benefit plans as a liability with a corresponding reduction to accumulated other comprehensive income, net of income taxes. At August 31, 2017 and 2016 , the Company's liability related to the unfunded status of the defined benefit plans was not material and was included in other long-term liabilities on the Company's consolidated balance sheets. Because the defined benefit pension plans are not material to the Company's consolidated financial statements, disclosures that would have otherwise been required by GAAP have been omitted.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Aug. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 18. COMMITMENTS AND CONTINGENCIES Lease Commitments The Company has operating leases principally relating to transportation and other equipment and real estate with varying terms. Certain of the Company's lease agreements include renewal options to extend the agreements as necessary and certain leases include escalation clauses and/or purchase options. These leases do not contain any financial covenants for the Company. Minimum lease commitments payable by the Company for noncancelable operating leases are as follows: Year Ending August 31, (in thousands) 2018 $ 21,473 2019 15,889 2020 10,009 2021 7,392 2022 5,330 Thereafter 6,350 Total $ 66,443 Total rental expense was $37.3 million , $40.7 million and $52.8 million in fiscal years 2017 , 2016 and 2015 , respectively. Legal and Environmental Matters In the ordinary course of conducting its business, the Company becomes involved in litigation, administrative proceedings and governmental investigations, including environmental matters. On April 28, 2016, the Company was served with a lawsuit filed by Ector County, Texas and the State of Texas by and through the Texas Commission on Environmental Quality ("TCEQ") alleging violations of the Texas Solid Waste Disposal Act, the Texas Water Code, the Texas Clean Air Act, and TCEQ rules on spill prevention and control. The Plaintiffs amended their petition in February 2017 to include violations of TCEQ rules on recycling and storm water permits. The Plaintiffs further amended their petition in April 2017, broadening their allegations. The lawsuit, filed in the 201 st Judicial District Court of Travis County, Texas, alleges improper disposal of solid waste and unauthorized outdoor burning activity at CMC’s recycling facility located in Odessa, Texas. The lawsuit seeks a penalty for each day of alleged violation under the Texas Health & Safety Code, the Texas Water Code, or the Texas Administrative Code. While the Company does not believe that it is probable that a loss has been incurred, the ultimate resolution of the matter could potentially result in a loss. Management’s best estimate of the low end of the range of the potential loss is zero . At this time, it is not possible to reasonably estimate the high end of the range of the potential loss, which could be material to the Company’s results of operations. Accordingly, the Company has not accrued a loss related to this matter. The Company believes that the lawsuit is without merit and is aggressively defending the action. The Company has received notices from the U.S. Environmental Protection Agency ("EPA") or state agencies with similar responsibility that it is considered a potentially responsible party at several sites, none owned by the Company, and may be obligated under the Comprehensive Environmental Response, Compensation, and Liability Act of 1980 ("CERCLA") or similar state statutes to conduct remedial investigations, feasibility studies, remediation and/or removal of alleged releases of hazardous substances or to reimburse the EPA for such activities. The Company is involved in litigation or administrative proceedings with regard to several of these sites in which the Company is contesting, or at the appropriate time may contest, its liability at the sites. In addition, the Company has received information requests with regard to other sites which may be under consideration by the EPA as potential CERCLA sites. Some of these environmental matters or other proceedings may result in fines, penalties or judgments being assessed against the Company. At both August 31, 2017 and 2016 , the Company had $0.7 million accrued for cleanup and remediation costs in connection with CERCLA sites. The estimation process is based on currently available information, which is in many cases preliminary and incomplete. Total environmental liabilities, including CERCLA sites, were $4.3 million and $3.3 million as of August 31, 2017 and 2016 , respectively, of which $2.1 million were classified as other long-term liabilities as of August 31, 2017 and 2016 . These amounts have not been discounted to their present values. Due to evolving remediation technology, changing regulations, possible third-party contributions, the inherent shortcomings of the estimation process and other factors, amounts accrued could vary significantly from amounts paid. Historically, the amounts the Company has ultimately paid for such remediation activities have not been material. In the third quarter of fiscal 2015, the Company recorded a $45.5 million benefit as a result of a termination of a contract with a customer, which is included in earnings (loss) from discontinued operations before income taxes on the Company's consolidated statements of earnings for fiscal 2015. Management believes that adequate provisions have been made in the Company's consolidated financial statements for the potential impact of these contingencies, and that the outcomes of the suits and proceedings described above, and other miscellaneous litigation and proceedings now pending, will not have a material adverse effect on the business, results of operations or financial condition of the Company.

EARNINGS PER SHARE ATTRIBUTABLE

EARNINGS PER SHARE ATTRIBUTABLE TO CMC	12 Months Ended
	Aug. 31, 2017
Earnings Per Share [Abstract]
EARNINGS PER SHARE ATTRIBUTABLE TO CMC	NOTE 19. EARNINGS PER SHARE The calculations of basic and diluted earnings per share from continuing operations were as follows: August 31, 2017 2016 2015 Earnings from continuing operations $ 32,550 $ 57,900 $ 63,004 Basic earnings per share: Shares outstanding for basic earnings per share 115,654,466 115,211,490 116,527,265 Basic earnings per share from continuing operations $ 0.28 $ 0.50 $ 0.54 Diluted earnings per share: Shares outstanding for basic earnings per share 115,654,466 115,211,490 116,527,265 Effect of dilutive securities: Stock-based incentive/purchase plans 1,709,942 1,412,336 1,422,633 Shares outstanding for diluted earnings per share 117,364,408 116,623,826 117,949,898 Diluted earnings per share from continuing operations $ 0.27 $ 0.50 $ 0.53 Anti-dilutive shares not included above — 274,251 371,273 Shares of CMC restricted stock is included in the number of shares of common stock issued and outstanding, but omitted from the basic earnings per share calculation until the shares vest.

ACCRUED EXPENSES AND OTHER PAYA

ACCRUED EXPENSES AND OTHER PAYABLES	12 Months Ended
	Aug. 31, 2017
Payables and Accruals [Abstract]
ACCRUED EXPENSES AND OTHER PAYABLES	NOTE 20. ACCRUED EXPENSES AND OTHER PAYABLES Significant accrued expenses and other payables were as follows: August 31, (in thousands) 2017 2016 Salaries and incentive compensation $ 95,488 $ 107,507 Advance billings on contracts 38,449 28,056 Taxes other than income taxes 37,279 26,721 Insurance 23,540 23,480 BRP liability 23,000 — Utilities 14,862 13,207

BUSINESS SEGMENTS

BUSINESS SEGMENTS	12 Months Ended
	Aug. 31, 2017
Segment Reporting [Abstract]
BUSINESS SEGMENTS	NOTE 21. BUSINESS SEGMENTS The Company's operating segments engage in business activities from which they may earn revenues and incur expenses and for which discrete financial information is available. Operating results for the operating segments are regularly reviewed by the Company's chief operating decision maker to make decisions about resources to be allocated to the segments and to assess performance. The Company's chief operating decision maker is identified as the Chief Executive Officer. Operating segments are aggregated for reporting purposes when the operating segments are identified as similar in accordance with the basic principles and aggregation criteria in the accounting standards. The Company's reporting segments are based primarily on product lines and secondarily on geographic area. The reporting segments have different lines of management responsibility as each business requires different marketing strategies and management expertise. The Company structures its business into the following five reporting segments: Americas Recycling, Americas Mills, Americas Fabrication, International Mill and International Marketing and Distribution. See Note 1, Nature of Operations, for more information about the reporting segments, including the types of products and services from which each reporting segment derives its net sales. Corporate contains earnings on BRP assets and short-term investments as well as expenses of the Company's corporate headquarters and interest expense related to its long-term debt. The financial information presented for the International Marketing and Distribution segment excludes the operations of the Australian steel distribution and CMC Cometals. These operations have been classified as discontinued operations in the consolidated statements of earnings. See Note 3, Changes in Business, for more information. The Company uses adjusted operating profit from continuing operations to compare and to evaluate the financial performance of its segments. Adjusted operating profit is the sum of the Company's earnings from continuing operations before interest expense, income taxes and discounts on sales of accounts receivable. Intersegment sales are generally priced at prevailing market prices. Certain corporate administrative expenses are allocated to the segments based upon the nature of the expense. The accounting policies of the segments are the same as those described in Note 2, Summary of Significant Accounting Policies. The following is a summary of certain financial information from continuing operations by reportable segment: Americas International (in thousands) Recycling Mills Fabrication Mill Marketing and Distribution Corporate Eliminations Continuing Operations 2017 Net sales-unaffiliated customers $ 865,462 $ 917,689 $ 1,364,826 $ 635,691 $ 776,382 $ 9,625 $ — $ 4,569,675 Intersegment sales 146,038 647,765 11,102 871 4,982 — (810,758 ) — Net sales 1,011,500 1,565,454 1,375,928 636,562 781,364 9,625 (810,758 ) 4,569,675 Adjusted operating profit (loss) 14,822 168,805 4,097 46,977 (24,324 ) (119,629 ) (834 ) 89,914 Interest expense (income)* 2,979 (3,394 ) 9,899 3,073 2,804 28,686 — 44,047 Capital expenditures** 7,148 172,738 15,495 12,603 141 4,949 — 213,074 Depreciation and amortization 15,497 49,419 13,399 25,822 941 19,975 — 125,053 Asset impairment charges 559 — — 150 6,742 713 — 8,164 Total assets*** 234,350 933,022 683,609 462,190 351,716 677,691 (394,006 ) 2,948,572 2016 Net sales-unaffiliated customers $ 594,275 $ 839,432 $ 1,479,125 $ 516,643 $ 740,961 $ 7,082 $ — $ 4,177,518 Intersegment sales 111,479 659,416 10,330 543 13,997 — (795,765 ) — Net sales 705,754 1,498,848 1,489,455 517,186 754,958 7,082 (795,765 ) 4,177,518 Adjusted operating profit (loss) (61,284 ) 209,751 68,602 28,892 (23,690 ) (95,085 ) 5,333 132,519 Interest expense* 2,210 1,942 8,356 2,608 1,547 45,458 — 62,121 Capital expenditures** 4,891 110,375 14,958 27,155 94 5,587 — 163,060 Depreciation and amortization 17,919 47,924 13,620 25,902 1,279 20,273 — 126,917 Asset impairment charges 38,900 — — 208 726 194 — 40,028 Total assets*** 188,873 798,481 659,165 372,492 390,969 1,034,053 (474,656 ) 2,969,377 2015 Net sales-unaffiliated customers $ 887,068 $ 1,048,063 $ 1,612,084 $ 626,219 $ 1,250,127 $ 852 $ — $ 5,424,413 Intersegment sales 135,553 793,749 12,154 32 82,237 — (1,023,725 ) — Net sales 1,022,621 1,841,812 1,624,238 626,251 1,332,364 852 (1,023,725 ) 5,424,413 Adjusted operating profit (loss) (29,157 ) 255,507 22,424 17,555 (15,443 ) (77,832 ) 1,411 174,465 Interest expense* 2,628 4,207 8,864 2,620 6,078 52,059 — 76,456 Capital expenditures** 12,811 67,203 14,883 15,413 257 5,194 — 115,761 Depreciation and amortization 17,460 46,780 17,509 28,087 1,903 20,739 — 132,478 Asset impairment charges 7,494 — 1,585 124 623 13 — 9,839 Total assets*** 261,676 738,669 713,860 403,706 551,886 1,049,815 (514,496 ) 3,205,116 ________________________ * Includes intercompany interest expense (income) in the segments, which is eliminated within Corporate. ** Excludes capital expenditures from discontinued operations that were immaterial for the years ended August 31, 2017 , 2016 and 2015 . *** Excludes total assets from discontinued operations of $26.6 million at August 31, 2017 , $161.5 million at August 31, 2016 , and $240.5 million at August 31, 2015 . Reconciliations of earnings from continuing operations to adjusted operating profit from continuing operations are provided below: Year Ended August 31, (in thousands) 2017 2016 2015 Earnings from continuing operations $ 32,550 $ 57,900 $ 63,004 Interest expense 44,047 62,121 76,456 Income taxes 12,454 10,810 33,458 Discounts on sales of accounts receivable 863 1,688 1,547 Adjusted operating profit from continuing operations $ 89,914 $ 132,519 $ 174,465 The following represents the Company's external net sales from continuing operations by major product and geographic area: Year Ended August 31, (in thousands) 2017 2016 2015 Major product information: Steel products $ 3,262,364 $ 3,156,028 $ 4,084,092 Nonferrous scrap 506,220 364,690 536,856 Ferrous scrap 433,312 287,713 428,192 Construction materials 228,910 234,513 215,927 Nonferrous products 15,062 13,456 10,443 Other 123,807 121,118 148,903 Net sales $ 4,569,675 $ 4,177,518 $ 5,424,413 Year Ended August 31, (in thousands) 2017 2016 2015 Geographic area: United States $ 3,268,466 $ 2,939,630 $ 3,808,757 Europe 668,796 658,352 871,071 Asia 399,600 403,628 559,279 Australia/New Zealand 187,128 125,069 121,403 Other 45,685 50,839 63,903 Net sales $ 4,569,675 $ 4,177,518 $ 5,424,413 The following table represents long-lived assets, net of accumulated depreciation and amortization, by geographic area: August 31, (in thousands) 2017 2016 2015 United States $ 968,361 $ 803,245 $ 860,784 Europe 183,025 177,778 189,796 Other 3,852 6,397 8,984 Total long-lived assets $ 1,155,238 $ 987,420 $ 1,059,564

QUARTERLY FINANCIAL DATA (UNAUD

QUARTERLY FINANCIAL DATA (UNAUDITED)	12 Months Ended
	Aug. 31, 2017
Quarterly Financial Information Disclosure [Abstract]
QUARTERLY FINANCIAL DATA (UNAUDITED)	NOTE 22. QUARTERLY FINANCIAL DATA (UNAUDITED) Summarized quarterly financial data for fiscal 2017 and 2016 was as follows: Three Months Ended Fiscal 2017 (in thousands except per share data) Nov. 30 Feb. 28 May 31 Aug. 31 Net sales* $ 994,091 $ 1,053,903 $ 1,260,700 $ 1,260,981 Gross profit* 123,814 148,239 162,772 111,585 Net earnings (loss) 6,275 30,332 39,266 (29,540 ) Basic EPS 0.05 0.26 0.34 (0.25 ) Diluted EPS 0.05 0.26 0.34 (0.25 ) Three Months Ended Fiscal 2016 (in thousands except per share data) Nov. 30 Feb. 29 May 31 Aug. 31 Net sales* $ 1,050,188 $ 913,894 $ 1,110,790 $ 1,102,646 Gross profit* 148,221 125,935 164,339 158,405 Net earnings (loss) 25,063 10,502 19,328 (131 ) Basic EPS 0.22 0.09 0.17 — Diluted EPS 0.21 0.09 0.17 — _________________________ * Excludes divisions classified as discontinued operations. See Note 3, Changes in Business.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Aug. 31, 2017
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	NOTE 23. RELATED PARTY TRANSACTIONS The Company had no significant related party transactions for the years ended August 31, 2017 , 2016 and 2015 .

SCHEDULE II _ VALUATION AND QUA

SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS AND RESERVES	12 Months Ended
	Aug. 31, 2017
Valuation and Qualifying Accounts [Abstract]
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS AND RESERVES	SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS Additions Deductions Description (in thousands) Balance at Beginning of Period Charged to Costs and Expenses Charged to Other Accounts Charged to Costs and Expenses Charged to Other Accounts Balance at End of Period Year Ended August 31, 2017 Allowance for doubtful accounts $ 6,427 7,108 1,074 (1) (1,059 ) (4,885 ) (2) $ 8,665 Deferred tax valuation allowance 153,011 127,660 (6,680 ) 273,991 Year Ended August 31, 2016 Allowance for doubtful accounts $ 9,033 6,878 1,007 (1) — (10,491 ) (2) $ 6,427 Deferred tax valuation allowance 79,965 74,114 (1,068 ) 153,011 Year Ended August 31, 2015 Allowance for doubtful accounts $ 5,908 4,142 306 (1) (661 ) (662 ) (2) $ 9,033 Deferred tax valuation allowance 69,762 17,746 (7,543 ) 79,965 (1) Recoveries and translation adjustments. (2) Uncollectable accounts charged to the allowance. For the years ended August 31, 2017 , 2016 and 2015 , $(1,841) , $(1,401) and $(1,695) were reclassified to the fair value of the deferred purchase price under our sale of accounts receivables program, respectively.

SUMMARY OF SIGNIFICANT ACCOUN33

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Aug. 31, 2017
Accounting Policies [Abstract]
Consolidation	Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned and majority owned subsidiaries and certain variable interest entities ("VIEs") for which the Company is the primary beneficiary. Intercompany account balances and transactions have been eliminated. Upon inception of an arrangement with a potential VIE, the Company performs an assessment of the contractual agreements that define the ownership structure, risks, responsibilities, indebtedness, voting rights and board representation of the respective parties when determining whether it is the primary beneficiary of the entity. The Company concludes that it is the primary beneficiary and consolidates the VIE if it has both (a) the power to direct the activities that most significantly impact the economic performance of the VIE and (b) the obligation to absorb losses of, or the right to receive benefits from, the variable interest entity that potentially could be significant to the VIE. The Company's assessment of whether it is the primary beneficiary of the VIE is continuously performed.
Use of Estimates	Use of Estimates The preparation of the Company's consolidated financial statements in accordance with accounting principles generally accepted in the United States ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and reported amounts of net sales and expenses during the reporting period. Significant items subject to such estimates and assumptions include the valuation of assets received in acquisitions; the carrying value of inventory and long-lived assets, including goodwill; valuation allowances for receivables and deferred income taxes; percentage of completion accounting method for revenue recognition; share-based compensation; potential litigation claims and settlements; environmental liabilities; and the carrying value of assets held for sale. Actual results could differ significantly from these estimates and assumptions.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents include cash on deposit and short-term, highly-liquid investments with original maturities of three months or less at the date of purchase.
Revenue Recognition	Revenue Recognition and Allowance for Doubtful Accounts The Company recognizes sales when title passes to the customer either when goods are shipped or when they are delivered based upon the terms of the sale, there is persuasive evidence of an arrangement, the price is fixed or determinable and collectability is reasonably assured. When the Company estimates that a firm purchase commitment from a customer will result in a loss, the Company accrues the entire loss as soon as it is probable and estimable. The Company accounts for certain fabrication projects based on the percentage of completion accounting method, based primarily on contract cost incurred to date compared to total estimated contract cost. Changes to total estimated contract cost, or loss, if any, are recognized in the period in which they are determined. Sales recognized in excess of amounts billed of $34.7 million and $19.4 million are classified as current assets and are reflected in accounts receivable on the Company's consolidated balances sheets as of August 31, 2017 and 2016 , respectively. Accounts receivable included retainage of $43.2 million and $38.7 million as of August 31, 2017 and 2016 , respectively. Shipping and other transportation costs billed to customers are included in net sales and the related costs incurred are reflected in cost of goods sold in the Company's consolidated statements of earnings.
Allowance for Doubtful Accounts	llowance for doubtful accounts to reflect its estimate of the uncollectability of accounts receivable. These reserves are based on historical trends, current market conditions and customers' financial condition. The Company reviews and sets credit limits for each customer. Some of the Company's divisions use credit insurance or letters of credit to ensure prompt payment in accordance with the terms of sale. Generally, collateral is not required. Approximately 28% and 30% of total receivables at August 31, 2017 and 2016 , respectively, were secured by credit insurance or letters of credit.
Inventories, Net	Inventories At August 31, 2017 , inventories were stated at the lower of cost or net realizable value. Inventory cost for operations in the CMC Americas division and the International Mill segment is determined by the weighted average cost method. Inventory cost for the International Marketing and Distribution segment is determined by the specific identification method. At August 31, 2017 and 2016 , 80% and 60% of the Company's inventories were valued using the weighted average cost method, respectively, and 20% and 40% of the Company's inventories were valued using the specific identification method, respectively. Elements of cost in finished goods inventory in addition to the cost of material include depreciation, amortization, utilities, consumable production supplies, maintenance, production, wages and transportation costs. Additionally, the costs of departments that support production, including materials management and quality control, are allocated to inventory.
Property, Plant and Equipment	Property, Plant and Equipment Property, plant and equipment are recorded at cost. Maintenance is expensed as incurred. Leasehold improvements are amortized over the shorter of their estimated useful lives or the lease term. Depreciation and amortization is recorded on a straight-line basis over the following estimated useful lives: Buildings 7 to 40 years Land improvements 3 to 25 years Leasehold improvements 3 to 15 years Equipment 3 to 25 years The Company evaluates impairment of its property, plant and equipment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. For each asset or group of assets held for use with indicators of impairment, the Company compares the sum of the expected future cash flows generated by the asset or group of assets with its associated net carrying value. If the net carrying value of the asset or group of assets exceeds expected undiscounted future cash flows, the excess of the net book value over estimated fair value is charged to impairment loss in the accompanying consolidated statements of earnings. Properties held for sale are reported at the lower of their carrying amount or their estimated sales price, less estimated costs to sell.
Government Assistance	Government assistance, including non-monetary grants, herein collectively referred to as grants, are not recognized until there is reasonable assurance that the Company will comply with the conditions of the grant and the Company will receive the grant. Generally, government grants fall into two categories: grants related to assets and grants related to income. Grants related to assets are government grants for the purchase, construction or other acquisition of long-term assets. The Company accounts for grants related to assets as deferred income with the offset to an asset account, such as fixed assets, on the Consolidated Balance Sheets. Non-monetary grants are recognized at fair value. The Company recognizes the deferred income in profit or loss on a systematic basis over the useful life of the asset; which, consistent with the Company's fixed assets policy, is straight-line. The period over which grants are recognized depends on the terms of the agreement. Grants related to specific expenses already incurred are recognized in profit or loss in the period in which the grant becomes receivable. A grant related to depreciable assets is recognized in profit or loss over the life of the depreciable asset. Grants related to non-depreciable assets may require the fulfillment of certain obligations. In such cases, these grants are recognized in profit or loss over the periods that bear the cost of meeting the obligations. Grants related to income are any grants that are not considered grants related to assets, such as grants to compensate for certain expenses. Grants related to income are recognized as a reduction in the related expense in the period that the recognition criteria are met. See Note 11, New Markets Tax Credits.
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets Goodwill is tested for impairment at the reporting unit level annually and whenever events or circumstances indicate that the carrying value may not be recoverable. During fiscal 2017, the Company prospectively changed its annual quantitative goodwill impairment testing date from the last day of the fourth quarter to the first day of the fourth quarter. The change in the goodwill impairment testing date alleviates fiscal year end resource and timing constraints. This change does not represent a material change in accounting principle, and did not delay, accelerate or avoid a goodwill impairment charge. The Company utilizes a quantitative test that compares the fair value of a reporting unit with its carrying amount, including goodwill, to evaluate goodwill for impairment. If the carrying amount of a reporting unit exceeds its fair value, an impairment loss is indicated in the amount that the carrying value exceeds the fair value of the reporting unit, not to exceed the goodwill value for the reporting unit. The Company's reporting units represent an operating segment or one level below an operating segment. The fair value of each reporting unit is estimated using an income approach based on the present value of expected future cash flows and a market approach based on valuation metrics of comparable peer companies and a reconciliation of the Company's estimate of the aggregate fair value of the reporting units to the Company's market capitalization, including a control premium. The determination of fair value involves a number of significant assumptions and estimates, including discount rates, volumes, prices, capital expenditures and the impact of current market conditions. These estimates could be materially impacted by adverse changes in these assumptions. For fiscal 2017 , the Company recorded a goodwill impairment charge of $2.0 million related to a reporting unit in its International Marketing and Distribution segment. For fiscal 2016, the annual goodwill impairment analysis did not result in any impairment charges at any of the Company's reporting units. For fiscal 2015, the Company recorded a goodwill impairment charge of $7.3 million related to its Americas Recycling segment. See Note 7, Goodwill and Other Intangible Assets, for additional details of the impairment charges. As of August 31, 2017 and 2016 , one of the Company's reporting units within its Americas Fabrication segment comprised $51.6 million and 51.3 million , respectively, of the Company's total goodwill. Goodwill at the Company's other reporting units was not material at August 31, 2017 and 2016 . Intangible assets with finite lives are amortized on a straight-line basis over their estimated useful lives and are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Impairment charges are recorded on finite-lived intangible assets when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than the assets' carrying amounts.
Contingencies	Contingencies The Company accrues for claims and litigation, including environmental investigation and remediation costs, when they are both probable and the amount can be reasonably estimated. Environmental costs are based upon estimates regarding the sites for which the Company will be responsible, the scope and cost of work to be performed at each site, the portion of costs that will be shared with other parties and the timing of remediation. Where timing and amounts cannot be reasonably determined, a range is estimated and the lower end of the range is typically recorded.
Stock-Based Compensation	Stock-Based Compensation The Company recognizes stock-based equity awards and liability awards at fair value in the financial statements. The fair value of each stock-based equity award is estimated at the date of grant using the Black-Scholes or Monte Carlo pricing model. Total compensation cost of the stock-based equity award is amortized over the requisite service period using the accelerated method of amortization for grants with graded vesting or using the straight-line method for grants with cliff vesting. Stock-based liability awards are measured at fair value at the end of each reporting period and will fluctuate based on the price of CMC common stock and performance relative to the targets.
Accounts Payable - Documentary Letters of Credit	Accounts Payable — Documentary Letters of Credit In order to facilitate certain trade transactions, the Company utilizes documentary letters of credit to provide assurance of payment to its suppliers. These letters of credit are typically for payment at a future date conditional upon the bank determining the documentation presented to be in strict compliance with all terms and conditions of the letters of credit. Banks issue these letters of credit under uncommitted lines of credit, which are in addition to and separate from the Company's contractually committed revolving credit agreement. In some cases, if the Company's suppliers choose to discount the future dated obligation, the Company may pay the fee associated with the discount.
Income Taxes	Income Taxes CMC and its U.S. subsidiaries file a consolidated federal income tax return. Deferred income taxes are provided for temporary differences between financial statement and income tax bases of assets and liabilities. The principal differences are described in Note 14, Income Tax. Benefits from income tax credits are reflected currently in earnings. The Company intends to indefinitely reinvest all undistributed earnings of non-U.S. subsidiaries. The Company records income tax positions based on a more likely than not threshold that the tax positions will be sustained on examination by the taxing authorities having full knowledge of all relevant information.
Foreign Currencies	Foreign Currencies The functional currencies of the Company's Australian, German, Polish, United Kingdom and certain Chinese, Singaporean and Thai operations are their local currencies. The Company's remaining international subsidiaries' functional currency is the U.S. dollar. Translation adjustments are reported as a component of accumulated other comprehensive loss. Transaction gains (losses) from transactions denominated in currencies other than the functional currencies were $5.5 million , $(13.9) million and $(45.4) million for the years ended August 31, 2017 , 2016 and 2015 , respectively, and are primarily included in selling, general and administrative expenses in the Company's consolidated statements of earnings.
Derivative Financial Instruments	Derivative Financial Instruments The Company recognizes all derivatives as either assets or liabilities in the consolidated balance sheets and measures those instruments at fair value. Derivatives that are not designated as hedges are adjusted to fair value through net earnings. Changes in the fair value of derivatives that are designated as hedges are recognized in two fashions depending on the nature of the hedge. In the case of fair value hedges, changes are recognized as an offset against the change in fair value of the hedged balance sheet item. When the derivative is designated as a cash flow hedge and is highly effective, changes are recognized as other comprehensive income. The ineffective portion of a change in fair value for derivatives designated as hedges is recognized in net earnings. When a derivative instrument is sold, terminated, exercised, or expires, the gain or loss is recorded in the consolidated statement of earnings for fair value hedges, and the cumulative unrealized gain or loss, which had been recognized in the statement of comprehensive income, is reclassified to the consolidated statement of earnings for cash flow hedges. Additionally, when hedged items are sold or extinguished, or the anticipated transaction being hedged is no longer expected to occur, the Company recognizes the gain or loss on the designated hedged financial instrument.
Fair Value	Fair Value The Company has established a fair value hierarchy which prioritizes the inputs to the valuation techniques used to measure fair value into three levels. These levels are determined based on the lowest level input that is significant to the fair value measurement. Level 1 represents unadjusted quoted prices in active markets for identical assets and liabilities. Level 2 represents quoted prices for similar assets and liabilities in active markets (other than those included in Level 1) which are observable, either directly or indirectly. Level 3 represents valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.
Recent Accounting Pronouncements	Recently Adopted Accounting Pronouncements In the fourth quarter of fiscal 2017, the Company early adopted Accounting Standards Update ("ASU") 2017-04, Intangibles - Goodwill and Other: Simplifying the Test for Goodwill Impairment (Topic 805), issued by the Financial Accounting Standards Board ("FASB"). The standard simplifies the subsequent measurement of goodwill by removing the second step of the two-step impairment test. The standard was applied on a prospective basis. The adoption of this guidance did not have a material impact on the Company's consolidated financial statements. In the second quarter of fiscal 2017, the Company adopted ASU 2016-09, Compensation - Stock Compensation (Topic 718), issued by the FASB requiring that the Company recognize all excess tax benefits and tax deficiencies as an income tax expense or benefit when stock awards vest or are settled. Additionally, the guidance allows for an increase in the threshold for net share settlement up to the maximum statutory rate in employees’ applicable jurisdictions without triggering liability classification. The adoption of this guidance had an immaterial impact on income taxes on the Company’s consolidated statement of earnings for the year ended August 31, 2017. Additionally, the Company has elected to continue to estimate forfeitures. As such, this adoption has no cumulative effect on retained earnings. The Company elected to apply the presentation requirements for cash flows related to excess tax benefits prospectively, which had an immaterial impact on both net cash from operating activities and net cash used in financing activities for the year ended August 31, 2017. The presentation requirements for cash flows related to employee taxes paid for withheld shares had no impact on any of the periods presented on the Company’s consolidated statements of cash flows since such cash flows have historically been presented as a financing activity. In the first quarter of fiscal 2017, the Company adopted ASU 2015-16, Business Combinations (Topic 805), issued by the FASB requiring the acquirer in a business combination to recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The guidance was adopted on a prospective basis and did not have an impact on the Company's consolidated financial statements. In the first quarter of fiscal 2017, the Company adopted ASU 2015-05, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40), issued by the FASB requiring an entity to account for fees paid in a cloud computing arrangement as a license of internal-use software. The guidance was adopted on a prospective basis and did not have an impact on the Company's consolidated financial statements. In the first quarter of fiscal 2017, the Company adopted ASU 2015-02, Consolidation (Topic 810), issued by the FASB modifying the evaluation of whether limited partnerships and similar legal entities are voting interest entities. The guidance was adopted on a retrospective basis and did not have an impact on the Company's consolidated financial statements. In the first quarter of fiscal 2017, the Company adopted ASU 2015-01, Income Statement - Extraordinary and Unusual Items (Subtopic 225-20), issued by the FASB eliminating the concept of extraordinary items. Under this guidance, an entity is no longer allowed to separately disclose extraordinary items, net of tax, in the income statement after income from continuing operations. The guidance was adopted on a prospective basis and did not have an impact on the Company's consolidated financial statements. In the first quarter of fiscal 2017, the Company adopted ASU 2014-13, Consolidation (Topic 810), issued by the FASB providing a measurement alternative to the existing fair value measurement guidance. When the measurement alternative is elected, the financial assets and liabilities are measured using the more observable of the fair value of the financial assets and the fair value of the financial liabilities. The guidance was adopted on a retrospective basis and did not have an impact on the Company's consolidated financial statements. In the first quarter of fiscal 2017, the Company adopted ASU 2014-12, Compensation - Stock Compensation (Topic 718), issued by the FASB requiring entities to account for a performance target as a performance condition if the target affects vesting and could be achieved after the requisite service period. The guidance was followed by the Company prior to its adoption and therefore had no impact on the Company's consolidated financial statements upon adoption. Recently Issued Accounting Pronouncements In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging - Targeted Improvements to Accounting for Hedging Activities (Topic 815). The ASU better aligns accounting rules with a company's risk management activities; better reflects economic results of hedging in financial statements; and simplifies hedge accounting treatment. For public companies, this standard is effective for annual periods beginning after December 15, 2018, including interim periods within those periods, with early adoption permitted. The standard must be applied to hedging relationships existing on the date of adoption and the effect of adoption should be reflected as of the beginning of the fiscal year of adoption. The Company is currently evaluating the impact of this guidance on its consolidated financial statements as well as determining the Company's planned adoption date. In January 2017, the FASB issued ASU 2017-01, Business Combinations: Clarifying the Definition of a Business. The standard clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. For public companies, this standard is effective for annual periods beginning after December 15, 2017, including interim periods within those periods. The standard must be applied prospectively on or after the effective date. Early application of the standard is allowed with certain restrictions. The adoption of this guidance is not expected to have a material impact on the consolidated financial statements. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230), requiring that the statement of cash flows explain the change in the total cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. This guidance is effective for fiscal years, and interim reporting periods therein, beginning after December 15, 2017 with early adoption permitted. The provisions of this guidance are to be applied using a retrospective approach, which requires application of the guidance for all periods presented. The Company is currently evaluating the impact of this guidance on its consolidated financial statements as well as determining the Company's planned adoption date. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), requiring a lessee to recognize a right-of-use asset and a lease liability on its balance sheet for all leases with terms of twelve months or longer. This guidance is effective for fiscal years, and interim reporting periods therein, beginning after December 15, 2018 and will be effective for the Company beginning September 1, 2019, at which point the Company plans to adopt the standard. The provisions of this guidance are to be applied using a modified retrospective approach, with elective reliefs, which requires application of the guidance for all periods presented. The Company is currently evaluating the impact of this guidance on its consolidated financial statements. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606), and has modified the standard thereafter. Under the standard, revenue is recognized when a customer obtains control of promised goods or services and is recognized in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This guidance is effective for annual and interim reporting periods beginning after December 15, 2017 and will be effective for the Company beginning September 1, 2018, at which point the Company plans to adopt the standard. The standard permits the use of either the retrospective or cumulative effect transition method. The Company currently expects to adopt the standard using the modified retrospective approach. As part of the adoption of the standard, management assembled a cross-functional implementation team which has reviewed representative samples of contracts to analyze the impact of the standard. As a result of these analyses, the Company does not anticipate that there will be a material impact on its statement of financial position, results of operations or cash flows in its Americas Mills, Americas Recycling or International Mill segments. The Company is still in the process of examining contract specific terms within the Americas Fabrication segment. In addition, the standard includes expanded disclosure requirements, which the Company continues to analyze. As part of the overall evaluation of the standard, the Company is also identifying and preparing to implement changes to its accounting policies, practices, and internal controls over financial reporting to support the standard both in the transition period as well as on an on-going basis.

SUMMARY OF SIGNIFICANT ACCOUN34

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Aug. 31, 2017
Accounting Policies [Abstract]
Estimated useful lives for depreciation and amortization	Depreciation and amortization is recorded on a straight-line basis over the following estimated useful lives: Buildings 7 to 40 years Land improvements 3 to 25 years Leasehold improvements 3 to 15 years Equipment 3 to 25 years

CHANGES IN BUSINESS (Tables)

CHANGES IN BUSINESS (Tables)	12 Months Ended
	Aug. 31, 2017
Business Combinations [Abstract]
Components of assets and liabilities of businesses held for sale	Assets and liabilities of the business held for sale on the Company’s consolidated balance sheet consisted of the following: Year Ended August 31, (in thousands) 2016 Assets: Accounts receivable $ 76,402 Inventories 112,740 Other current assets 1,579 Current assets of business held for sale 190,721 Property, plant and equipment, net of accumulated depreciation and amortization 4 Long-term assets of business held for sale* $ 4 Liabilities: Accounts payable-trade $ 35,662 Accrued expenses and other payables 1,026 Current liabilities of business held for sale $ 36,688 * Included in other assets on the consolidated balance sheet.
Financial information for discontinued operations	Financial information for discontinued operations was as follows: Year Ended August 31, (in thousands) 2017 2016 2015 Net sales $ 429,440 $ 474,422 $ 737,258 Earnings (loss) before income taxes 10,607 (1,469 ) 29,389 The major classes of line items constituting earnings before income taxes for CMC Cometals, which are included in earnings (loss) from discontinued operations before income taxes in the consolidated statements of earnings for all periods presented, are presented in the table below. CMC Cometals is the only component that qualified for discontinued operations post-adoption of ASU 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360). Year Ended August 31, (in thousands) 2017 2016 2015 Net sales $ 429,462 $ 433,008 $ 564,192 Costs and expenses: Cost of goods sold 389,276 393,895 484,196 Selling, general and administrative expenses 22,774 22,523 29,179 Net loss on sale of CMC Cometals 6,950 — — — Interest expense — 109 1,304 419,000 416,527 514,679 Earnings before income taxes 10,462 16,481 49,513 Income taxes (benefit) (2,935 ) 3 — Earnings from CMC Cometals $ 13,397 $ 16,478 $ 49,513

ACCUMULATED OTHER COMPREHENSI36

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)	12 Months Ended
	Aug. 31, 2017
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Schedule of accumulated other comprehensive income (loss)	Accumulated other comprehensive income (loss) ("AOCI") was comprised of the following: (in thousands) Foreign Currency Translation Unrealized Gain (Loss) on Derivatives Defined Benefit Obligation Total AOCI Balance at September 1, 2014 $ (19,891 ) $ 3,014 $ (2,632 ) $ (19,509 ) Other comprehensive loss before reclassifications (83,063 ) (3,702 ) (270 ) (87,035 ) Amounts reclassified from AOCI (10,127 ) 2,707 63 (7,357 ) Income taxes — 286 80 366 Net other comprehensive loss (93,190 ) (709 ) (127 ) (94,026 ) Balance at August 31, 2015 (113,081 ) 2,305 (2,759 ) (113,535 ) Other comprehensive income (loss) before reclassifications (11,771 ) 2,006 (186 ) (9,951 ) Amounts reclassified from AOCI 12,597 (2,233 ) 68 10,432 Income taxes — 108 32 140 Net other comprehensive income (loss) 826 (119 ) (86 ) 621 Balance at August 31, 2016 (112,255 ) 2,186 (2,845 ) (112,914 ) Other comprehensive income before reclassifications 30,509 1,003 678 32,190 Amounts reclassified from AOCI 968 (1,845 ) 115 (762 ) Income taxes — 243 (270 ) (27 ) Net other comprehensive income (loss) 31,477 (599 ) 523 31,401 Balance at August 31, 2017 $ (80,778 ) $ 1,587 $ (2,322 ) $ (81,513 )
Schedule of reclassification out of accumulated other comprehensive income (loss)	The significant items reclassified out of accumulated other comprehensive loss and the corresponding line items in the consolidated statements of earnings to which the items were reclassified were as follows: Year Ended August 31, Components of AOCI (in thousands) Location 2017 2016 2015 Foreign currency translation adjustments and other: Translation loss realized upon liquidation of investment in foreign entity SG&A expenses $ (968 ) $ — $ — Translation (loss) gain realized upon sale of investment in foreign entity Earnings (loss) from discontinued operations before income taxes — (12,597 ) 10,127 $ (968 ) $ (12,597 ) $ 10,127 Unrealized gain (loss) on derivatives: Commodity Cost of goods sold $ 37 $ (443 ) $ (645 ) Foreign exchange Net sales 369 (380 ) 124 Foreign exchange Cost of goods sold 158 2,283 (2,774 ) Foreign exchange SG&A expenses 446 291 76 Interest rate Interest expense 789 532 532 Commodity Earnings (loss) from discontinued operations before income taxes 46 (50 ) (20 ) 1,845 2,233 (2,707 ) Income tax effect Income taxes from continuing operations (506 ) (478 ) 956 Income tax effect Income taxes (benefit) from discontinued operations 16 (18 ) (7 ) (490 ) (496 ) 949 Net of income taxes $ 1,355 $ 1,737 $ (1,758 ) Defined benefit obligation: Amortization of net loss SG&A expenses $ (201 ) $ (140 ) $ (134 ) Amortization of prior service credit SG&A expenses 86 72 71 (115 ) (68 ) (63 ) Income tax effect Income taxes 31 22 21 Net of income taxes $ (84 ) $ (46 ) $ (42 ) Amounts in parentheses reduce earnings.

SALES OF ACCOUNTS RECEIVABLE (A

SALES OF ACCOUNTS RECEIVABLE (Activity of the Deferred Purchase Price Receivables) (Tables)	12 Months Ended
	Aug. 31, 2017
Transfers and Servicing [Abstract]
Activity of the deferred purchase price receivables	The following table summarizes the activity of the deferred purchase price receivables for the U.S. and international sale of trade accounts receivable programs. (in thousands) Total U.S.* Australia** Poland Balance at September 1, 2014 $ 385,169 $ 329,797 $ 34,071 $ 21,301 Transfers of trade accounts receivable 3,574,283 2,944,627 298,179 331,477 Collections (3,619,905 ) (3,004,646 ) (314,212 ) (301,047 ) Balance at August 31, 2015 $ 339,547 $ 269,778 $ 18,038 $ 51,731 Transfers of trade accounts receivable 2,389,297 1,933,477 175,593 280,227 Collections (2,439,096 ) (1,990,493 ) (166,969 ) (281,634 ) Balance at August 31, 2016 $ 289,748 $ 212,762 $ 26,662 $ 50,324 Transfers of trade accounts receivable 2,646,513 2,251,118 16,914 378,481 Collections (2,596,836 ) (2,237,872 ) (9,659 ) (349,305 ) Exit from Programs (124,302 ) (90,385 ) (33,917 ) — Balance at August 31, 2017 $ 215,123 $ 135,623 $ — $ 79,500 _________________________ * Includes the sale of trade accounts receivable activities related to CMC Cometals. See Note 3, Changes to Business, for further discussion. For the year ended August 31, 2017 , with respect to CMC Cometals, transfers of trade accounts receivable were $141.0 million , collections were $125.6 million and redemptions of trade accounts receivable associated with the exit from the program were $40.4 million . For the years ended August 31, 2016 and 2015 , with respect to CMC Cometals, transfers of trade accounts receivable were $173.2 million and $286.6 million , respectively, and collections were $174.4 million and $311.4 million , respectively. **Includes the sale of trade accounts receivable activities related to the Australian steel distribution business. See Note 3, Changes to Business, for further discussion. For the year ended August 31, 2017 , there were no transfers of trade accounts receivable, collections were $3.7 million and redemptions of trade accounts receivable associated with the exit from the program were $1.6 million . For August 31, 2016 and 2015 , transfers of accounts receivable were $45.8 million and $180.0 million , respectively, and collections were $61.7 million and $209.2 million , respectively.

GOODWILL AND OTHER INTANGIBLE38

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)	12 Months Ended
	Aug. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Changes in the carrying amount of goodwill	The following table details the changes in the carrying amount of goodwill by reportable segment: Americas International (in thousands) Recycling Mills Fabrication Mill Marketing and Distribution Consolidated Goodwill, gross Balance at September 1, 2015 $ 9,751 $ 4,970 $ 57,637 $ 2,517 $ 1,912 $ 76,787 Foreign currency translation — — — (85 ) 70 (15 ) Balance at August 31, 2016 9,751 4,970 57,637 2,432 1,982 76,772 Acquisitions — — 306 — — 306 Foreign currency translation — — — 232 — 232 Balance at August 31, 2017 $ 9,751 $ 4,970 $ 57,943 $ 2,664 $ 1,982 $ 77,310 Accumulated impairment losses Balance at September 1, 2015 $ (9,751 ) $ — $ (493 ) $ (160 ) $ — $ (10,404 ) Foreign currency translation — — — 5 — 5 Balance at August 31, 2016 (9,751 ) — (493 ) (155 ) — (10,399 ) Foreign currency translation — — — (14 ) — (14 ) Impairment — — — — (1,982 ) (1,982 ) Balance at August 31, 2017 $ (9,751 ) $ — $ (493 ) $ (169 ) $ (1,982 ) $ (12,395 ) Goodwill, net Balance at September 1, 2015 $ — $ 4,970 $ 57,144 $ 2,357 $ 1,912 $ 66,383 Foreign currency translation — — — (80 ) 70 (10 ) Balance at August 31, 2016 — 4,970 57,144 2,277 1,982 66,373 Acquisitions — — 306 — — 306 Foreign currency translation — — — 218 — 218 Impairment — — — — (1,982 ) (1,982 ) Balance at August 31, 2017 $ — $ 4,970 $ 57,450 $ 2,495 $ — $ 64,915
Intangible assets subject to amortization	The following intangible assets subject to amortization are included in other noncurrent assets on the Company's consolidated balance sheets: August 31, 2017 August 31, 2016 (in thousands) Gross Accumulated Amortization Net Gross Accumulated Amortization Net Customer base $ 6,334 $ 2,660 $ 3,674 $ 6,160 $ 2,714 $ 3,446 Favorable land leases 10,189 2,849 7,340 10,081 2,518 7,563 Non-competition agreements 1,750 578 1,172 1,600 371 1,229 Brand name 1,328 770 558 628 328 300 Other 101 65 36 101 58 43 Total $ 19,702 $ 6,922 $ 12,780 $ 18,570 $ 5,989 $ 12,581
Estimated future amortization expense of intangible assets	Estimated amounts of amortization expense for the next five years are as follows. Year Ended August 31, (in thousands) 2018 $ 1,578 2019 1,342 2020 1,105 2021 1,082 2022 804

CREDIT ARRANGEMENTS (Tables)

CREDIT ARRANGEMENTS (Tables)	12 Months Ended
	Aug. 31, 2017
Debt Disclosure [Abstract]
Long-term debt, including the deferred gain from the termination of the interest rate swaps	Long-term debt, which as of August 31, 2016 included the deferred gain from the termination of the interest rate swaps, was as follows: Weighted Average August 31, (in thousands) 2017 2016 2027 Notes 5.375% $ 300,000 $ — 2023 Notes 4.875% 330,000 330,000 Term Loan (Due 2022) 2.804% 150,000 — 2018 Notes 6.400% — 408,874 2017 Notes 5.740% — 302,601 Other, including equipment notes 52,077 34,166 Total long-term debt 832,077 1,075,641 Less: Debt issuance costs 7,315 4,224 Total long-term debt outstanding 824,762 1,071,417 Less: Current maturities of long-term debt 19,182 313,469 Long-term debt $ 805,580 $ 757,948
Scheduled maturities of the Company's long-term debt	The scheduled maturities of the Company's long-term debt are as follows: Year Ending August 31, (in thousands) 2018 $ 19,182 2019 18,276 2020 13,560 2021 10,648 2022 122,346 Thereafter 648,065 Total long-term debt 832,077 Less: Debt issuance costs 7,315 Total long-term debt outstanding $ 824,762

DERIVATIVES AND RISK MANAGEME40

DERIVATIVES AND RISK MANAGEMENT (Tables)	12 Months Ended
	Aug. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives Not Designated as Hedging Instruments	The following tables summarize activities related to the Company's derivative instruments and hedged items recognized in the consolidated statements of earnings: Year Ended August 31, Derivatives Not Designated as Hedging Instruments (in thousands) Location 2017 2016 2015 Commodity Cost of goods sold $ (9,095 ) $ 2,675 $ 7,746 Foreign exchange Net sales — — 3,005 Foreign exchange Cost of goods sold (47 ) 19 4,996 Foreign exchange SG&A expenses (5,400 ) 11,732 23,105 Gain (loss) from continuing operations before income taxes $ (14,542 ) $ 14,426 $ 38,852
Derivatives Designated as Fair Value Hedging Instruments	Amount of gain (loss) recognized in income on derivatives for the year ended August 31, Amount of gain (loss) recognized in income on related hedge items for the year ended August 31, Location of gain (loss) recognized in income on derivatives 2017 2016 2015 Location of gain (loss) recognized in income on related hedged items 2017 2016 2015 Foreign exchange Net sales $ 25 $ (38 ) $ (236 ) Net sales $ (25 ) $ 38 $ 236 Foreign exchange Cost of goods sold (1,436 ) (1,075 ) 888 Cost of goods sold 1,436 1,075 (888 ) Gain (loss) from continuing operations before income taxes $ (1,411 ) $ (1,113 ) $ 652 $ 1,411 $ 1,113 $ (652 )
Effective Portion of Derivatives Designated as Cash Flow Hedging Instruments Recognized in Accumulated Other Comprehensive Income (Loss)	Effective Portion of Derivatives Designated as Cash Flow Hedging Instruments Recognized in Accumulated Other Comprehensive Income (Loss) (in thousands) August 31, 2017 2016 2015 Commodity $ 210 $ (204 ) $ (635 ) Foreign exchange 546 1,822 (1,832 ) Gain (loss), net of income taxes $ 756 $ 1,618 $ (2,467 )
Derivative Assets	The fair value of the Company's derivative instruments on the consolidated balance sheets was as follows: Derivative Assets (in thousands) August 31, 2017 2016 Commodity — not designated for hedge accounting $ 767 $ 584 Foreign exchange — designated for hedge accounting 81 1,398 Foreign exchange — not designated for hedge accounting 1,286 750 Derivative assets (other current assets)* $ 2,134 $ 2,732 Commodity — designated for hedge accounting $ — $ 4 Derivative assets (assets held for sale - current)* $ — $ 4
Derivative Liabilities	Derivative Liabilities (in thousands) August 31, 2017 2016 Commodity — not designated for hedge accounting 3,251 117 Foreign exchange — designated for hedge accounting 1,549 902 Foreign exchange — not designated for hedge accounting 3,710 1,161 Derivative liabilities (accrued expenses and other payables)* $ 8,510 $ 2,180 Commodity — designated for hedge accounting $ — $ 5 Derivative liabilities (liabilities held for sale - current)* $ — $ 5 _________________________ * Derivative assets and liabilities do not include the hedged items designated as fair value hedges.

FAIR VALUE (Tables)

FAIR VALUE (Tables)	12 Months Ended
	Aug. 31, 2017
Fair Value Disclosures [Abstract]
Financial assets and financial liabilities measured at fair value on a recurring basis	The following tables summarize information regarding the Company's financial assets and financial liabilities that were measured at fair value on a recurring basis: Fair Value Measurements at Reporting Date Using (in thousands) August 31, 2017 Quoted Prices in Significant Other Significant Assets: Investment deposit accounts (1) $ 43,553 $ 43,553 $ — $ — Commodity derivative assets (2) 767 767 — — Foreign exchange derivative assets (2) 1,367 — 1,367 — Liabilities: Commodity derivative liabilities (2) 3,251 3,251 — — Foreign exchange derivative liabilities (2) 5,259 — 5,259 — Fair Value Measurements at Reporting Date Using (in thousands) August 31, 2016 Quoted Prices in Significant Other Significant Assets: Investment deposit accounts (1) $ 278,759 $ 278,759 $ — $ — Commodity derivative assets (2) 588 584 4 — Foreign exchange derivative assets (2) 2,148 — 2,148 — Liabilities: Commodity derivative liabilities (2) 122 117 5 — Foreign exchange derivative liabilities (2) 2,063 — 2,063 — _________________ (1) Investment deposit accounts are short-term in nature, and the value is determined by principal plus interest. The investment portfolio mix can change each period based on the Company's assessment of investment options. (2) Derivative assets and liabilities classified as Level 1 are commodity futures contracts valued based on quoted market prices in the London Metal Exchange or the New York Mercantile Exchange. Amount in Level 2 are based on broker quotes in the over-the-counter market. Further discussion regarding the Company's use of derivative instruments and the classification of the assets and liabilities is included in Note 13, Derivatives and Risk Management.
Financial assets and liabilities that are not required to be measured at fair value	The carrying values and estimated fair values of the Company's financial assets and liabilities that are not required to be measured at fair value on the consolidated balance sheets are as follows: August 31, 2017 August 31, 2016 (in thousands) Fair Value Hierarchy Carrying Value Fair Value Carrying Value Fair Value 2027 Notes (1) Level 2 $ 300,000 $ 314,286 $ — $ — 2023 Notes (1) Level 2 330,000 340,052 330,000 332,010 2022 Term Loan (2) Level 2 150,000 150,000 — — 2018 Notes (1) Level 2 — — 408,874 432,303 2017 Notes (1) Level 2 — — 302,601 311,250 _________________ (1) The fair value of the Notes is determined based on indicated market values. (2) The Term Loan contains variable interest rates and its carrying value approximates fair value.

INCOME TAX (Tables)

INCOME TAX (Tables)	12 Months Ended
	Aug. 31, 2017
Income Tax Disclosure [Abstract]
Components of earnings from continuing operations before income taxes (benefit)	The components of earnings from continuing operations before income taxes are as follows: Year Ended August 31, (in thousands) 2017 2016 2015 United States $ 15,739 $ 47,076 $ 81,619 Foreign 29,265 21,634 14,843 Total $ 45,004 $ 68,710 $ 96,462
Income taxes (benefit) included in the consolidated statements of operations	The income taxes (benefit) included in the consolidated statements of earnings are as follows: Year Ended August 31, (in thousands) 2017 2016 2015 Current: United States $ 11,345 $ 5,224 $ 53,258 Foreign 9,464 6,991 3,329 State and local 2,654 4,130 2,830 Current taxes $ 23,463 $ 16,345 $ 59,417 Deferred: United States $ (13,548 ) $ (4,423 ) $ (14,219 ) Foreign (917 ) 254 722 State and local 281 303 488 Deferred taxes $ (14,184 ) $ (3,866 ) $ (13,009 ) Total income taxes on income $ 9,279 $ 12,479 $ 46,408 Income taxes (benefit) on discontinued operations (3,175 ) 1,669 12,950 Income taxes on continuing operations $ 12,454 $ 10,810 $ 33,458
Reconciliation of the federal statutory rate to effective tax rate from continuing operations	A reconciliation of the federal statutory rate to the Company's effective income tax rate from continuing operations is as follows: Year Ended August 31, (in thousands) 2017 2016 2015 Income tax expense at statutory rate of 35% $ 15,751 $ 24,050 $ 33,761 Change in valuation allowance 113,089 75,076 16,194 Foreign tax impairment on valuation of subsidiaries (92,321 ) (60,204 ) — Nontaxable foreign interest (19,259 ) (16,063 ) (16,712 ) Foreign rate differential (5,534 ) (1,522 ) (1,872 ) Deferred compensation (2,101 ) (1,375 ) 772 State and local taxes 1,698 1,950 1,802 Section 199 manufacturing deduction (1,407 ) (4,694 ) (4,017 ) Audit settlement (659 ) (10,264 ) — Other 3,197 3,856 3,530 Income tax expense on continuing operations $ 12,454 $ 10,810 $ 33,458 Effective income tax rates from continuing operations 27.7 % 15.7 % 34.7 %
Tax effects of significant temporary differences giving rise to deferred tax assets and liabilities	The income tax effects of significant temporary differences giving rise to deferred tax assets and liabilities are as follows: August 31, (in thousands) 2017 2016 Deferred tax assets: Deferred compensation and employee benefits $ 46,898 $ 45,496 Net operating losses and credits 273,549 154,606 Reserves and other accrued expenses 21,727 18,831 Allowance for doubtful accounts 3,223 2,438 Intangibles 3,924 6,214 Other 2,314 768 Total deferred tax assets 351,635 228,353 Valuation allowance for deferred tax assets (273,991 ) (153,011 ) Deferred tax assets, net $ 77,644 $ 75,342 Deferred tax liabilities: Fixed assets $ 101,707 $ 96,100 Inventory 12,731 30,822 Other 2,455 2,799 Total deferred tax liabilities $ 116,893 $ 129,721 Net deferred tax liabilities $ (39,249 ) $ (54,379 )
Reconciliation of the beginning and ending amounts of unrecognized tax benefits	reconciliation of the beginning and ending amounts of unrecognized income tax benefits is as follows: August 31, (in thousands) 2017 2016 2015 Balance at September 1 $ 9,522 $ 27,349 $ 27,349 Change in tax positions of current year — — — Change for tax positions of prior years — — — Reductions due to settlements with taxing authorities (239 ) (17,827 ) — Balance at August 31 $ 9,283 $ 9,522 $ 27,349

STOCK-BASED COMPENSATION PLANS

STOCK-BASED COMPENSATION PLANS (Tables)	12 Months Ended
	Aug. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Total awards granted	The following table summarizes the total awards granted: Restricted Stock Performance 2017 Grants 1,303,976 576,286 2016 Grants 1,137,000 540,295 2015 Grants 987,574 462,496
Restricted stock units and performance stock units, excluding the cash component	Information for restricted stock units and performance stock units, excluding those expected to settle in cash, is as follows: Number Weighted Average Outstanding as of September 1, 2014 2,080,580 $ 15.37 Granted 1,468,696 15.79 Vested (712,279 ) 14.33 Forfeited (103,663 ) 15.51 Outstanding as of August 31, 2015 2,733,334 15.86 Granted 1,612,772 15.83 Vested (1,471,436 ) 14.47 Forfeited (174,440 ) 17.60 Outstanding as of August 31, 2016 2,700,230 16.49 Granted 1,462,442 16.17 Vested (1,385,753 ) 17.62 Forfeited (323,339 ) 16.58 Outstanding as of August 31, 2017 2,453,580 $ 15.65
Combined activity for stock appreciation rights and stock options, excluding the cash component	Combined activity for the Company's stock appreciation rights, excluding the cash component, is as follows: Number Weighted Weighted Aggregate Intrinsic Value Outstanding as of September 1, 2014 1,437,031 $ 19.85 Exercised (142,604 ) 11.80 Forfeited/Expired (452,210 ) 35.10 Outstanding as of August 31, 2015 842,217 $ 13.04 2.7 $ 2,243,765 Exercised (418,378 ) 12.10 Forfeited/Expired (64,845 ) 11.60 Outstanding as of August 31, 2016 358,994 $ 14.39 1.7 $ 405,864 Exercised (235,687 ) 14.72 Forfeited/Expired (14,000 ) 14.05 Outstanding as of August 31, 2017 109,307 $ 13.72 1.3 $ 564,826 Exercisable at August 31, 2017 109,307 $ 13.72 1.3 $ 564,826 Remaining unvested stock appreciation rights expected to vest — $ —
Stock appreciation rights and stock options	Information related to stock appreciation rights as of August 31, 2017 is summarized below: Stock Appreciation Rights Outstanding and Exercisable Range of Exercise Prices Number Outstanding and Exercisable Weighted Average Remaining Contractual Life (In Years) Weighted Average Exercise Price $11.60 - 14.12 81,307 1.6 $ 12.65 $16.83 - 16.83 28,000 0.4 $ 16.83 109,307 1.3 $ 13.72
Yearly activity of the stock purchase plan	Yearly activity of the stock purchase plan is as follows: 2017 2016 2015 Shares subscribed 173,420 212,370 198,710 Price per share $ 18.99 $ 12.03 $ 13.73 Shares purchased 166,220 156,860 172,170 Price per share $ 12.04 $ 13.71 $ 16.96 Shares available for future issuance 3,517,604

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	12 Months Ended
	Aug. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Minimum lease commitments payable for noncancelable operating leases	Minimum lease commitments payable by the Company for noncancelable operating leases are as follows: Year Ending August 31, (in thousands) 2018 $ 21,473 2019 15,889 2020 10,009 2021 7,392 2022 5,330 Thereafter 6,350 Total $ 66,443
Future purchase commitments	Minimum lease commitments payable by the Company for noncancelable operating leases are as follows: Year Ending August 31, (in thousands) 2018 $ 21,473 2019 15,889 2020 10,009 2021 7,392 2022 5,330 Thereafter 6,350 Total $ 66,443

EARNINGS PER SHARE ATTRIBUTAB45

EARNINGS PER SHARE ATTRIBUTABLE TO CMC (Tables)	12 Months Ended
	Aug. 31, 2017
Earnings Per Share [Abstract]
Calculations of basic and diluted earnings per share from continuing operations	The calculations of basic and diluted earnings per share from continuing operations were as follows: August 31, 2017 2016 2015 Earnings from continuing operations $ 32,550 $ 57,900 $ 63,004 Basic earnings per share: Shares outstanding for basic earnings per share 115,654,466 115,211,490 116,527,265 Basic earnings per share from continuing operations $ 0.28 $ 0.50 $ 0.54 Diluted earnings per share: Shares outstanding for basic earnings per share 115,654,466 115,211,490 116,527,265 Effect of dilutive securities: Stock-based incentive/purchase plans 1,709,942 1,412,336 1,422,633 Shares outstanding for diluted earnings per share 117,364,408 116,623,826 117,949,898 Diluted earnings per share from continuing operations $ 0.27 $ 0.50 $ 0.53 Anti-dilutive shares not included above — 274,251 371,273

ACCRUED EXPENSES AND OTHER PA46

ACCRUED EXPENSES AND OTHER PAYABLES (Tables)	12 Months Ended
	Aug. 31, 2017
Payables and Accruals [Abstract]
Significant accrued expenses and other payables	Significant accrued expenses and other payables were as follows: August 31, (in thousands) 2017 2016 Salaries and incentive compensation $ 95,488 $ 107,507 Advance billings on contracts 38,449 28,056 Taxes other than income taxes 37,279 26,721 Insurance 23,540 23,480 BRP liability 23,000 — Utilities 14,862 13,207

BUSINESS SEGMENTS (Tables)

BUSINESS SEGMENTS (Tables)	12 Months Ended
	Aug. 31, 2017
Segment Reporting [Abstract]
Summary of certain financial information from continuing operations by reportable segment	The following is a summary of certain financial information from continuing operations by reportable segment: Americas International (in thousands) Recycling Mills Fabrication Mill Marketing and Distribution Corporate Eliminations Continuing Operations 2017 Net sales-unaffiliated customers $ 865,462 $ 917,689 $ 1,364,826 $ 635,691 $ 776,382 $ 9,625 $ — $ 4,569,675 Intersegment sales 146,038 647,765 11,102 871 4,982 — (810,758 ) — Net sales 1,011,500 1,565,454 1,375,928 636,562 781,364 9,625 (810,758 ) 4,569,675 Adjusted operating profit (loss) 14,822 168,805 4,097 46,977 (24,324 ) (119,629 ) (834 ) 89,914 Interest expense (income)* 2,979 (3,394 ) 9,899 3,073 2,804 28,686 — 44,047 Capital expenditures** 7,148 172,738 15,495 12,603 141 4,949 — 213,074 Depreciation and amortization 15,497 49,419 13,399 25,822 941 19,975 — 125,053 Asset impairment charges 559 — — 150 6,742 713 — 8,164 Total assets*** 234,350 933,022 683,609 462,190 351,716 677,691 (394,006 ) 2,948,572 2016 Net sales-unaffiliated customers $ 594,275 $ 839,432 $ 1,479,125 $ 516,643 $ 740,961 $ 7,082 $ — $ 4,177,518 Intersegment sales 111,479 659,416 10,330 543 13,997 — (795,765 ) — Net sales 705,754 1,498,848 1,489,455 517,186 754,958 7,082 (795,765 ) 4,177,518 Adjusted operating profit (loss) (61,284 ) 209,751 68,602 28,892 (23,690 ) (95,085 ) 5,333 132,519 Interest expense* 2,210 1,942 8,356 2,608 1,547 45,458 — 62,121 Capital expenditures** 4,891 110,375 14,958 27,155 94 5,587 — 163,060 Depreciation and amortization 17,919 47,924 13,620 25,902 1,279 20,273 — 126,917 Asset impairment charges 38,900 — — 208 726 194 — 40,028 Total assets*** 188,873 798,481 659,165 372,492 390,969 1,034,053 (474,656 ) 2,969,377 2015 Net sales-unaffiliated customers $ 887,068 $ 1,048,063 $ 1,612,084 $ 626,219 $ 1,250,127 $ 852 $ — $ 5,424,413 Intersegment sales 135,553 793,749 12,154 32 82,237 — (1,023,725 ) — Net sales 1,022,621 1,841,812 1,624,238 626,251 1,332,364 852 (1,023,725 ) 5,424,413 Adjusted operating profit (loss) (29,157 ) 255,507 22,424 17,555 (15,443 ) (77,832 ) 1,411 174,465 Interest expense* 2,628 4,207 8,864 2,620 6,078 52,059 — 76,456 Capital expenditures** 12,811 67,203 14,883 15,413 257 5,194 — 115,761 Depreciation and amortization 17,460 46,780 17,509 28,087 1,903 20,739 — 132,478 Asset impairment charges 7,494 — 1,585 124 623 13 — 9,839 Total assets*** 261,676 738,669 713,860 403,706 551,886 1,049,815 (514,496 ) 3,205,116 ________________________ * Includes intercompany interest expense (income) in the segments, which is eliminated within Corporate. ** Excludes capital expenditures from discontinued operations that were immaterial for the years ended August 31, 2017 , 2016 and 2015 . *** Excludes total assets from discontinued operations of $26.6 million at August 31, 2017 , $161.5 million at August 31, 2016 , and $240.5 million at August 31, 2015 .
Reconciliations of earnings from continuing operations to adjusted operating profit	Reconciliations of earnings from continuing operations to adjusted operating profit from continuing operations are provided below: Year Ended August 31, (in thousands) 2017 2016 2015 Earnings from continuing operations $ 32,550 $ 57,900 $ 63,004 Interest expense 44,047 62,121 76,456 Income taxes 12,454 10,810 33,458 Discounts on sales of accounts receivable 863 1,688 1,547 Adjusted operating profit from continuing operations $ 89,914 $ 132,519 $ 174,465
External net sales from continuing operations by major product	Year Ended August 31, (in thousands) 2017 2016 2015 Major product information: Steel products $ 3,262,364 $ 3,156,028 $ 4,084,092 Nonferrous scrap 506,220 364,690 536,856 Ferrous scrap 433,312 287,713 428,192 Construction materials 228,910 234,513 215,927 Nonferrous products 15,062 13,456 10,443 Other 123,807 121,118 148,903 Net sales $ 4,569,675 $ 4,177,518 $ 5,424,413
External net sales from continuing operations by geographic area	Year Ended August 31, (in thousands) 2017 2016 2015 Geographic area: United States $ 3,268,466 $ 2,939,630 $ 3,808,757 Europe 668,796 658,352 871,071 Asia 399,600 403,628 559,279 Australia/New Zealand 187,128 125,069 121,403 Other 45,685 50,839 63,903 Net sales $ 4,569,675 $ 4,177,518 $ 5,424,413
Long-lived assets by geographic area	The following table represents long-lived assets, net of accumulated depreciation and amortization, by geographic area: August 31, (in thousands) 2017 2016 2015 United States $ 968,361 $ 803,245 $ 860,784 Europe 183,025 177,778 189,796 Other 3,852 6,397 8,984 Total long-lived assets $ 1,155,238 $ 987,420 $ 1,059,564

QUARTERLY FINANCIAL DATA (UNA48

QUARTERLY FINANCIAL DATA (UNAUDITED) (Tables)	12 Months Ended
	Aug. 31, 2017
Quarterly Financial Information Disclosure [Abstract]
Summarized quarterly financial data	Summarized quarterly financial data for fiscal 2017 and 2016 was as follows: Three Months Ended Fiscal 2017 (in thousands except per share data) Nov. 30 Feb. 28 May 31 Aug. 31 Net sales* $ 994,091 $ 1,053,903 $ 1,260,700 $ 1,260,981 Gross profit* 123,814 148,239 162,772 111,585 Net earnings (loss) 6,275 30,332 39,266 (29,540 ) Basic EPS 0.05 0.26 0.34 (0.25 ) Diluted EPS 0.05 0.26 0.34 (0.25 ) Three Months Ended Fiscal 2016 (in thousands except per share data) Nov. 30 Feb. 29 May 31 Aug. 31 Net sales* $ 1,050,188 $ 913,894 $ 1,110,790 $ 1,102,646 Gross profit* 148,221 125,935 164,339 158,405 Net earnings (loss) 25,063 10,502 19,328 (131 ) Basic EPS 0.22 0.09 0.17 — Diluted EPS 0.21 0.09 0.17 — _________________________ * Excludes divisions classified as discontinued operations. See Note 3, Changes in Business.

NATURE OF OPERATIONS (Narrative

NATURE OF OPERATIONS (Narrative) (Details)	3 Months Ended	12 Months Ended
	Nov. 30, 2016segments	Aug. 31, 2017scrap_processing_facilityComponentssegments
Number of business segments	5	5
Number of geographic divisions | Components		2
CMC Americas Division
Number of business segments		3
CMC International Division
Number of business segments		2
Americas Mills
Number of scrap processing facilities | scrap_processing_facility		9
Singapore
Number of recycling facilities | Components		1

SUMMARY OF SIGNIFICANT ACCOUN50

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details)	3 Months Ended	12 Months Ended
	Aug. 31, 2017USD ($)	Aug. 31, 2017USD ($)levels	Aug. 31, 2016USD ($)	Aug. 31, 2015USD ($)
Percentage of Weighted Average Cost Inventory	80.00%	80.00%	60.00%
Retainage included in accounts receivable	$ 43,200,000	$ 43,200,000	$ 38,700,000
Goodwill impairment charges		1,982,000	0
Goodwill	$ 64,915,000	64,915,000	66,373,000	$ 66,383,000
Transaction gains (losses)		$ 5,500,000	$ (13,900,000)	(45,400,000)
Number of fair value hierarchy | levels		3
Percentage of Specific Identification Cost Inventory	20.00%	20.00%	40.00%
One reporting unit within Americas Fabrication
Goodwill	$ 51,600,000	$ 51,600,000	$ 51,300,000
Receivables secured by credit insurance or letters of credit
Percentage of accounts receivable secured by credit insurance or letters of credit	28.00%	28.00%	30.00%
Certain fabrication projects
Sales recognized in excess of amounts billed	$ 34,700,000	$ 34,700,000	$ 19,400,000
International Marketing and Distribution
Goodwill impairment charges	2,000,000	1,982,000
Goodwill	0	0	1,982,000	1,912,000
Americas Recycling
Goodwill impairment charges		0		7,300,000
Goodwill	$ 0	$ 0	$ 0	$ 0

SUMMARY OF SIGNIFICANT ACCOUN51

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Estimated Useful Lives of Property, Plant and Equipment) (Details)	12 Months Ended
	Aug. 31, 2017
Buildings | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives	7 years
Buildings | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives	40 years
Land improvements | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives	3 years
Land improvements | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives	25 years
Leasehold improvements | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives	3 years
Leasehold improvements | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives	15 years
Equipment | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives	3 years
Equipment | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives	25 years

CHANGES IN BUSINESS (Businesses

CHANGES IN BUSINESS (Businesses Held for Sale) (Details) - USD ($) $ in Thousands	Aug. 31, 2017	Aug. 31, 2016
Assets:
Accounts receivable		$ 76,402
Inventories		112,740
Other current assets		1,579
Current assets of business held for sale	$ 0	190,721
Property, plant and equipment, net of accumulated depreciation and amortization		4
Long-term assets of business held for sale		4
Liabilities:
Accounts payable-trade		35,662
Accrued expenses and other payables		1,026
Current liabilities of businesses held for sale	$ 0	$ 36,688

CHANGES IN BUSINESS (Narrative)

CHANGES IN BUSINESS (Narrative) (Details) $ in Thousands	3 Months Ended				12 Months Ended
	Aug. 31, 2017USD ($)	Aug. 31, 2016USD ($)	May 31, 2016USD ($)	Aug. 31, 2015USD ($)location	Aug. 31, 2017USD ($)	Aug. 31, 2016USD ($)entities	Aug. 31, 2015USD ($)entities
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Inventory write-downs					$ 21,529	$ 15,555	$ 37,652
Number of business acquisitions | entities						0	0
Proceeds receivable	$ 8,000				8,000
Currency translation gain			$ (13,500)
CMC Cometals [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Stock compensation expense					(900)	$ 2,500	$ 2,200
Inventory write-downs					$ 1,000	$ 1,200	$ 9,200
Proceeds from sale of business	170,900
Pre-tax gain (loss)	$ (7,000)
Australian Steel Distribution Business [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of locations sold | location				6
Proceeds from sale of business		$ 4,400		$ 26,400
Pre-tax gain (loss)				8,100
Currency translation gain				$ 10,100
Number of locations where operations ceased | location				3

CHANGES IN BUSINESS (Financial

CHANGES IN BUSINESS (Financial Information for Discontinued Operations) (Details) - USD ($) $ in Thousands	12 Months Ended
	Aug. 31, 2017	Aug. 31, 2016	Aug. 31, 2015
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net sales	$ 429,440	$ 474,422	$ 737,258
Earnings (loss) before income taxes	10,607	(1,469)	29,389
CMC Cometals [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net sales	429,462	433,008	564,192
Cost of goods sold	389,276	393,895	484,196
Net loss on sale of CMC Cometals	22,774	22,523	29,179
Net loss on sale of CMC Cometals	6,950	0	0
Interest expense	0	109	1,304
Operating expense	419,000	416,527	514,679
Earnings (loss) before income taxes	10,462	16,481	49,513
Income taxes (benefit)	(2,935)	3	0
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent	$ 13,397	$ 16,478	$ 49,513

ACCUMULATED OTHER COMPREHENSI55

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (AOCI by Components) (Details) - USD ($) $ in Thousands	12 Months Ended
	Aug. 31, 2017	Aug. 31, 2016	Aug. 31, 2015
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance	$ (112,914)	$ (113,535)	$ (19,509)
Other comprehensive loss before reclassifications	32,190	(9,951)	(87,035)
Amounts reclassified from AOCI	762	(10,432)	7,357
Income taxes	(27)	140	366
Other comprehensive income (loss)	31,401	621	(94,026)
Balance	(81,513)	(112,914)	(113,535)
Foreign Currency Translation
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance	(112,255)	(113,081)	(19,891)
Other comprehensive loss before reclassifications	30,509	(11,771)	(83,063)
Amounts reclassified from AOCI	(968)	(12,597)	10,127
Income taxes	0	0	0
Other comprehensive income (loss)	31,477	826	(93,190)
Balance	(80,778)	(112,255)	(113,081)
Unrealized Gain (Loss) on Derivatives
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance	2,186	2,305	3,014
Other comprehensive loss before reclassifications	1,003	2,006	(3,702)
Amounts reclassified from AOCI	1,845	2,233	(2,707)
Income taxes	243	108	286
Other comprehensive income (loss)	(599)	(119)	(709)
Balance	1,587	2,186	2,305
Defined Benefit Obligation
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance	(2,845)	(2,759)	(2,632)
Other comprehensive loss before reclassifications	678	(186)	(270)
Amounts reclassified from AOCI	(115)	(68)	(63)
Income taxes	(270)	32	80
Other comprehensive income (loss)	523	(86)	(127)
Balance	$ (2,322)	$ (2,845)	$ (2,759)

ACCUMULATED OTHER COMPREHENSI56

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Reclassification out of accumulated other comprehensive income (loss)) (Details) - USD ($) $ in Thousands	12 Months Ended
	Aug. 31, 2017	Aug. 31, 2016	Aug. 31, 2015
Unrealized gain (loss) on derivatives:
Net of income taxes	$ 1,355	$ 1,737	$ (1,758)
Foreign currency translation adjustments and other
Foreign currency translation adjustments and other:
Translation Gain (loss) realized upon liquidation or sale of investment in foreign entity	(968)	(12,597)	10,127
Foreign currency translation adjustments and other | SG&A expenses
Foreign currency translation adjustments and other:
Translation Gain (loss) realized upon liquidation or sale of investment in foreign entity	(968)	0	0
Foreign currency translation adjustments and other | Discontinued operations
Foreign currency translation adjustments and other:
Translation Gain (loss) realized upon liquidation or sale of investment in foreign entity	0	(12,597)	10,127
Unrealized gain (loss) on derivatives
Unrealized gain (loss) on derivatives:
Reclassification adjustments from AOCI on derivatives, before Tax	1,845	2,233	(2,707)
Income taxes from continuing operations	(490)	(496)	949
Net of income taxes	1,355	1,737	(1,758)
Unrealized gain (loss) on derivatives | Discontinued operations
Unrealized gain (loss) on derivatives:
Income taxes from continuing operations	16	(18)	(7)
Unrealized gain (loss) on derivatives | Continuing Operations
Unrealized gain (loss) on derivatives:
Income taxes from continuing operations	(506)	(478)	956
Unrealized gain (loss) on derivatives | Commodity | Cost of goods sold
Unrealized gain (loss) on derivatives:
Reclassification adjustments from AOCI on derivatives, before Tax	37	(443)	(645)
Unrealized gain (loss) on derivatives | Commodity | Discontinued operations
Unrealized gain (loss) on derivatives:
Reclassification adjustments from AOCI on derivatives, before Tax	46	(50)	(20)
Unrealized gain (loss) on derivatives | Foreign exchange | Cost of goods sold
Unrealized gain (loss) on derivatives:
Reclassification adjustments from AOCI on derivatives, before Tax	158	2,283	(2,774)
Unrealized gain (loss) on derivatives | Foreign exchange | Net sales
Unrealized gain (loss) on derivatives:
Reclassification adjustments from AOCI on derivatives, before Tax	369	(380)	124
Unrealized gain (loss) on derivatives | Foreign exchange | SG&A expenses
Unrealized gain (loss) on derivatives:
Reclassification adjustments from AOCI on derivatives, before Tax	446	291	76
Unrealized gain (loss) on derivatives | Interest rate | Interest expense
Unrealized gain (loss) on derivatives:
Reclassification adjustments from AOCI on derivatives, before Tax	789	532	532
Defined benefit obligation
Defined benefit obligation:
Reclassification adjustments from AOCI, pension and other postretirement benefit plans, before tax	(115)	(68)	(63)
Income tax effect	31	22	21
Net of income taxes	(84)	(46)	(42)
Defined benefit obligation | SG&A expenses
Defined benefit obligation:
Amortization of net loss	(201)	(140)	(134)
Amortization of prior service credit	$ 86	$ 72	$ 71

SALES OF ACCOUNTS RECEIVABLE (N

SALES OF ACCOUNTS RECEIVABLE (Narrative) (Details)	Jul. 29, 2016USD ($)	Aug. 31, 2015PLN	Aug. 31, 2015USD ($)	Aug. 31, 2017USD ($)entities	Aug. 31, 2016USD ($)	Aug. 31, 2015USD ($)
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]
Proceed from sales of receivables				$ 375,400,000	$ 400,800,000	$ 596,400,000
Cash payment to owners of receivables				293,600,000	420,300,000	714,200,000
Discount on domestic and international sales of trade accounts receivables				$ 900,000	1,700,000	$ 2,400,000
U.S.
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]
Current advance limit for accounts receivable sold	$ 200,000,000
Number of financial institutions | entities				2
Maximum advance limit for accounts receivable sold				$ 300,000,000
Trade accounts receivable sold				226,900,000	215,900,000
Advance payment received on sale of account receivable				$ 90,000,000	0
European program
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]
Current advance limit for accounts receivable sold		PLN 220,000,000	$ 61,700,000
Advances, maximum percentage of eligible receivables				90.00%
European and Australian programs
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]
Trade accounts receivable sold				$ 79,500,000	85,700,000
Advance payment received on sale of account receivable				$ 0	$ 8,300,000

SALES OF ACCOUNTS RECEIVABLE 58

SALES OF ACCOUNTS RECEIVABLE (Activity of the Deferred Purchase Price Receivables) (Details) - USD ($)	12 Months Ended
	Aug. 31, 2017	Aug. 31, 2016	Aug. 31, 2015
Securitization or Asset-backed Financing Arrangement, Financial Asset for Which Transfer is Accounted as Sale [Roll Forward]
Beginning balance	$ 689,382,000
Ending balance	706,595,000	$ 689,382,000
U.S. | Businesses Sold or Held for Sale
Securitization or Asset-backed Financing Arrangement, Financial Asset for Which Transfer is Accounted as Sale [Roll Forward]
Transfers of trade accounts receivable	141,000,000	173,200,000	$ 286,600,000
Collections	(125,600,000)	(174,400,000)	(311,400,000)
Exit from Programs	40,400,000
Australia | Businesses Sold or Held for Sale
Securitization or Asset-backed Financing Arrangement, Financial Asset for Which Transfer is Accounted as Sale [Roll Forward]
Transfers of trade accounts receivable	0	45,800,000	180,000,000
Collections	(3,700,000)	(61,700,000)	(209,200,000)
Exit from Programs	1,600,000
Deferred purchase price receivables
Securitization or Asset-backed Financing Arrangement, Financial Asset for Which Transfer is Accounted as Sale [Roll Forward]
Beginning balance	289,748,000	339,547,000	385,169,000
Transfers of trade accounts receivable	2,646,513,000	2,389,297,000	3,574,283,000
Collections	(2,596,836,000)	(2,439,096,000)	(3,619,905,000)
Exit from Programs	(124,302,000)
Ending balance	215,123,000	289,748,000	339,547,000
Deferred purchase price receivables | U.S.
Securitization or Asset-backed Financing Arrangement, Financial Asset for Which Transfer is Accounted as Sale [Roll Forward]
Beginning balance	212,762,000	269,778,000	329,797,000
Transfers of trade accounts receivable	2,251,118,000	1,933,477,000	2,944,627,000
Collections	(2,237,872,000)	(1,990,493,000)	(3,004,646,000)
Exit from Programs	(90,385,000)
Ending balance	135,623,000	212,762,000	269,778,000
Deferred purchase price receivables | Australia
Securitization or Asset-backed Financing Arrangement, Financial Asset for Which Transfer is Accounted as Sale [Roll Forward]
Beginning balance	26,662,000	18,038,000	34,071,000
Transfers of trade accounts receivable	16,914,000	175,593,000	298,179,000
Collections	(9,659,000)	(166,969,000)	(314,212,000)
Exit from Programs	(33,917,000)
Ending balance	0	26,662,000	18,038,000
Deferred purchase price receivables | Europe
Securitization or Asset-backed Financing Arrangement, Financial Asset for Which Transfer is Accounted as Sale [Roll Forward]
Beginning balance	50,324,000	51,731,000	21,301,000
Transfers of trade accounts receivable	378,481,000	280,227,000	331,477,000
Collections	(349,305,000)	(281,634,000)	(301,047,000)
Exit from Programs	0
Ending balance	$ 79,500,000	$ 50,324,000	$ 51,731,000

INVENTORIES (Narrative) (Detail

INVENTORIES (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Aug. 31, 2017	Aug. 31, 2016	Aug. 31, 2015
Inventory Disclosure [Abstract]
Raw materials	$ 116,800	$ 77,900
Inventory write-downs	$ 21,529	$ 15,555	$ 37,652

GOODWILL AND OTHER INTANGIBLE60

GOODWILL AND OTHER INTANGIBLE ASSETS (Narrative) (Details) - USD ($)	3 Months Ended	12 Months Ended
	Aug. 31, 2017	Aug. 31, 2017	Aug. 31, 2016	Aug. 31, 2015
Goodwill	$ 64,915,000	$ 64,915,000	$ 66,373,000	$ 66,383,000
Goodwill impairment charges		1,982,000	0
Amortization expense for intangible assets		$ 2,300,000	3,600,000	6,900,000
Intangible assets excluding favorable land leases
Weighted average remaining useful lives		7 years
Favorable land leases
Weighted average remaining useful lives		48 years
One reporting unit within Americas Fabrication
Goodwill	$ 51,600,000	$ 51,600,000	51,300,000
Reporting unit, percentage of fair value in excess of carrying amount (percent)	13.50%	13.50%
International Marketing and Distribution
Goodwill	$ 0	$ 0	1,982,000	1,912,000
Goodwill impairment charges	2,000,000	1,982,000
Americas Recycling
Goodwill	$ 0	0	$ 0	0
Goodwill impairment charges		$ 0		$ 7,300,000

GOODWILL AND OTHER INTANGIBLE61

GOODWILL AND OTHER INTANGIBLE ASSETS (Changes in the Carrying Amount of Goodwill) (Details) - USD ($)	3 Months Ended	12 Months Ended
	Aug. 31, 2017	Aug. 31, 2017	Aug. 31, 2016	Aug. 31, 2015
Goodwill [Line Items]
Goodwill, beginning		$ 76,772,000	$ 76,787,000
Foreign currency translation		232,000	(15,000)
Acquisitions		306,000
Goodwill, ending	$ 77,310,000	77,310,000	76,772,000	$ 76,787,000
Accumulated impairment loss, beginning		(10,399,000)	(10,404,000)
Foreign currency translation		(14,000)	5,000
Impairment		(1,982,000)	0
Accumulated impairment loss, ending	(12,395,000)	(12,395,000)	(10,399,000)	(10,404,000)
Goodwill, net	64,915,000	64,915,000	66,373,000	66,383,000
Acquisitions		306,000
Translation		218,000	(10,000)
Goodwill, net	64,915,000	64,915,000	66,373,000	66,383,000
Americas Recycling
Goodwill [Line Items]
Goodwill, beginning		9,751,000	9,751,000
Foreign currency translation		0	0
Acquisitions		0
Goodwill, ending	9,751,000	9,751,000	9,751,000	9,751,000
Accumulated impairment loss, beginning		(9,751,000)	(9,751,000)
Foreign currency translation		0	0
Impairment		0		(7,300,000)
Accumulated impairment loss, ending	(9,751,000)	(9,751,000)	(9,751,000)	(9,751,000)
Goodwill, net	0	0	0	0
Acquisitions		0
Translation		0	0
Goodwill, net	0	0	0	0
Americas Mills
Goodwill [Line Items]
Goodwill, beginning		4,970,000	4,970,000
Foreign currency translation		0	0
Acquisitions		0
Goodwill, ending	4,970,000	4,970,000	4,970,000	4,970,000
Accumulated impairment loss, beginning		0	0
Foreign currency translation		0	0
Impairment		0
Accumulated impairment loss, ending	0	0	0	0
Goodwill, net	4,970,000	4,970,000	4,970,000	4,970,000
Acquisitions		0
Translation		0	0
Goodwill, net	4,970,000	4,970,000	4,970,000	4,970,000
Americas Fabrication
Goodwill [Line Items]
Goodwill, beginning		57,637,000	57,637,000
Foreign currency translation		0	0
Acquisitions		306,000
Goodwill, ending	57,943,000	57,943,000	57,637,000	57,637,000
Accumulated impairment loss, beginning		(493,000)	(493,000)
Foreign currency translation		0	0
Impairment		0
Accumulated impairment loss, ending	(493,000)	(493,000)	(493,000)	(493,000)
Goodwill, net	57,450,000	57,450,000	57,144,000	57,144,000
Acquisitions		306,000
Translation		0	0
Goodwill, net	57,450,000	57,450,000	57,144,000	57,144,000
International Mill
Goodwill [Line Items]
Goodwill, beginning		2,432,000	2,517,000
Foreign currency translation		232,000	(85,000)
Acquisitions		0
Goodwill, ending	2,664,000	2,664,000	2,432,000	2,517,000
Accumulated impairment loss, beginning		(155,000)	(160,000)
Foreign currency translation		(14,000)	5,000
Impairment		0
Accumulated impairment loss, ending	(169,000)	(169,000)	(155,000)	(160,000)
Goodwill, net	2,495,000	2,495,000	2,277,000	2,357,000
Acquisitions		0
Translation		218,000	(80,000)
Goodwill, net	2,495,000	2,495,000	2,277,000	2,357,000
International Marketing and Distribution
Goodwill [Line Items]
Goodwill, beginning		1,982,000	1,912,000
Foreign currency translation		0	70,000
Acquisitions		0
Goodwill, ending	1,982,000	1,982,000	1,982,000	1,912,000
Accumulated impairment loss, beginning		0	0
Foreign currency translation		0	0
Impairment	(2,000,000)	(1,982,000)
Accumulated impairment loss, ending	(1,982,000)	(1,982,000)	0	0
Goodwill, net	0	0	1,982,000	1,912,000
Acquisitions		0
Translation		0	70,000
Goodwill, net	$ 0	$ 0	$ 1,982,000	$ 1,912,000

GOODWILL AND OTHER INTANGIBLE62

GOODWILL AND OTHER INTANGIBLE ASSETS (Intangible Assets) (Details) - USD ($) $ in Thousands	Aug. 31, 2017	Aug. 31, 2016
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 19,702	$ 18,570
Accumulated Amortization	6,922	5,989
Net	12,780	12,581
Customer base
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	6,334	6,160
Accumulated Amortization	2,660	2,714
Net	3,674	3,446
Favorable land leases
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	10,189	10,081
Accumulated Amortization	2,849	2,518
Net	7,340	7,563
Non-competition agreements
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	1,750	1,600
Accumulated Amortization	578	371
Net	1,172	1,229
Brand name
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	1,328	628
Accumulated Amortization	770	328
Net	558	300
Other
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	101	101
Accumulated Amortization	65	58
Net	$ 36	$ 43

GOODWILL AND OTHER INTANGIBLE63

GOODWILL AND OTHER INTANGIBLE ASSETS (Estimated Future Amortization Expense) (Details) $ in Thousands	Aug. 31, 2017USD ($)
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2,018	$ 1,578
2,019	1,342
2,020	1,105
2,021	1,082
2,022	$ 804

LONG-LIVED ASSET IMPAIRMENT A64

LONG-LIVED ASSET IMPAIRMENT AND FACILITY CLOSURE COSTS Long-lived Asset Impairment and Facility Closure Costs (Details) - USD ($) $ in Millions	3 Months Ended
	Aug. 31, 2017	Aug. 31, 2016	May 31, 2016
Restructuring Cost and Reserve [Line Items]
Nonrecurring impairment charge	$ 4.2		$ 15.8
Foreign currency translation loss			$ (13.5)
Americas Recycling
Restructuring Cost and Reserve [Line Items]
Impairment of long-lived assets	$ 38.9	$ 38.9

SEVERANCE (Narrative) (Details)

SEVERANCE (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Aug. 31, 2017	Aug. 31, 2016	Aug. 31, 2015
Restructuring and Related Activities [Abstract]
Severance costs	$ 25	$ 3.2	$ 5.8
Severance liability	$ 16.9	$ 0.9

CREDIT ARRANGEMENTS (Long-term

CREDIT ARRANGEMENTS (Long-term Debt) (Details) - USD ($)	Aug. 31, 2017	Aug. 31, 2016	May 31, 2013	Aug. 31, 2008	Jul. 31, 2007
Debt Instrument [Line Items]
Total long-term debt including current maturities	$ 832,077,000	$ 1,075,641,000
Less debt issuance costs	7,315,000	4,224,000
Total long-term debt outstanding	824,762,000	1,071,417,000
Current maturities of long-term debt	19,182,000	313,469,000
Long-term debt	805,580,000	757,948,000
$300 Million notes at 5.375% due July 2027
Debt Instrument [Line Items]
Debt instrument, face amount	$ 300,000,000	0
Weighted average interest rate	5.375%
$330 million notes at 4.875% due May 2023
Debt Instrument [Line Items]
Debt instrument, face amount			$ 330,000,000
Weighted average interest rate	4.875%
Total long-term debt including current maturities	$ 330,000,000	330,000,000
$500 million notes at 6.40% due August 2018
Debt Instrument [Line Items]
Debt instrument, face amount				$ 500,000,000
Weighted average interest rate	6.40%
Total long-term debt including current maturities	$ 0	408,874,000
$400 million notes at 6.40% due July 2017
Debt Instrument [Line Items]
Debt instrument, face amount					$ 400,000,000
Weighted average interest rate	5.74%
Total long-term debt including current maturities	$ 0	302,601,000
Other, including equipment notes
Debt Instrument [Line Items]
Total long-term debt including current maturities	52,077,000	34,166,000
Revolving credit agreement
Debt Instrument [Line Items]
Revolving credit facility, maximum borrowing capacity	$ 750,000,000
Revolving credit agreement | Term loan
Debt Instrument [Line Items]
Weighted average interest rate	2.8035%
Revolving credit facility, maximum borrowing capacity	$ 150,000,000	$ 0

CREDIT ARRANGEMENTS (Narrative)

CREDIT ARRANGEMENTS (Narrative) (Details) PLN in Millions	Jun. 26, 2014USD ($)	Feb. 29, 2016USD ($)	Aug. 31, 2008USD ($)	Jul. 31, 2007USD ($)	Aug. 31, 2017USD ($)	Aug. 31, 2016USD ($)	Aug. 31, 2015USD ($)	Aug. 31, 2012USD ($)	Aug. 31, 2017PLN	Aug. 31, 2017USD ($)	Aug. 31, 2016PLN	Aug. 31, 2016USD ($)	May 31, 2013USD ($)
Debt Instrument [Line Items]
Loss on debt extinguishment					$ 22,672,000	$ 11,480,000	$ 0
Net proceeds from termination of interest rate swaps								$ 52,700,000
Deferred interest rate swaps termination gain										$ 0		$ 11,600,000
Amortization of interest rate swaps termination gain					11,657,000	7,597,000	7,597,000
Interest costs capitalized					9,800,000	3,600,000
Interest paid					65,700,000	74,700,000	86,700,000
CMCP
Debt Instrument [Line Items]
Revolving credit facility current borrowing capacity									PLN 175	49,100,000	PLN 175	44,800,000
Revolving line of credit outstanding amount										0
Annual total borrowing					$ 0	$ 0
Line of Credit Facility, Annual Principal Payment							$ 49,600,000
Revolving credit agreement
Debt Instrument [Line Items]
Debt instrument, issuance date	Jun. 26, 2014
Revolving credit facility current borrowing capacity	$ 350,000,000
Revolving credit facility, maturity date	Jun. 26, 2019
Revolving credit facility, maximum borrowing capacity										$ 750,000,000
Minimum interest coverage ratio					2.5
Maximum debt to capitalization ratio					0.60
Actual interest coverage ratio									5.29	5.29
Actual debt to capitalization ratio									0.37	0.37
Stand-by letters of credit
Debt Instrument [Line Items]
Revolving credit facility current borrowing capacity										$ 50,000,000
Stand by letters of credit outstanding amount										3,000,000
Term loan | Revolving credit agreement
Debt Instrument [Line Items]
Revolving credit facility, maximum borrowing capacity										$ 150,000,000		0
Quarterly payments, as percent of original principal amount (percent)					1.25%
Weighted average interest rate									2.8035%	2.8035%
$300 Million notes at 5.375% due July 2027
Debt Instrument [Line Items]
Debt instrument, face amount										$ 300,000,000		$ 0
Weighted average interest rate									5.375%	5.375%
$330 million notes at 4.875% due May 2023
Debt Instrument [Line Items]
Debt instrument, face amount													$ 330,000,000
Weighted average interest rate									4.875%	4.875%
Debt instrument, interest rate, stated percentage													4.875%
$500 million notes at 6.40% due August 2018
Debt Instrument [Line Items]
Debt instrument, issuance date			Aug. 4, 2008
Debt instrument, face amount			$ 500,000,000
Weighted average interest rate									6.40%	6.40%
Debt instrument, interest rate, stated percentage			7.35%
Debt instrument, maturity date			Aug. 15, 2018
Loss on debt extinguishment					$ (6,100,000)
Effective interest rate			6.40%
Extinguishment of Debt, Amount		$ 100,200,000
$400 million notes at 6.40% due July 2017
Debt Instrument [Line Items]
Debt instrument, issuance date				Jul. 17, 2007
Debt instrument, face amount				$ 400,000,000
Weighted average interest rate									5.74%	5.74%
Debt instrument, interest rate, stated percentage				6.50%
Debt instrument, maturity date				Jul. 15, 2017
Loss on debt extinguishment					$ (5,400,000)
Effective interest rate				5.74%
Extinguishment of Debt, Amount		$ 100,000,000

CREDIT ARRANGEMENTS (Scheduled

CREDIT ARRANGEMENTS (Scheduled Maturities of Long-term Debt) (Details) - USD ($) $ in Thousands	Aug. 31, 2017	Aug. 31, 2016
Long-term Debt, Fiscal Year Maturity [Abstract]
2,018	$ 19,182
2,019	18,276
2,020	13,560
2,021	10,648
2,022	122,346
Thereafter	648,065
Total long-term debt	832,077
Less: Debt issuance costs	7,315	$ 4,224
Total long-term debt outstanding	$ 824,762	$ 1,071,417

NEW MARKETS TAX CREDIT TRANSA69

NEW MARKETS TAX CREDIT TRANSACTIONS (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Aug. 31, 2017	Feb. 29, 2016	Aug. 31, 2017	May 31, 2017
Income Tax Contingency [Line Items]
Capital Contribution Received Under New Markets Tax Program		$ 17.7
Payments for qualified construction, development and equipping activities			$ 21
Restricted cash	$ 0.7		0.7
Commonwealth
Income Tax Contingency [Line Items]
Loans and Leases Receivable, Gross	$ 35.3		$ 35.3
Loan Receivable, Stated Interest Rate	1.08%		1.08%
Investment Fund
Income Tax Contingency [Line Items]
Qualified Equity Investment Into Community Development Entities			$ 51.5
Qualified Equity Investment Loans | CMC Steel Oklahoma, LLC
Income Tax Contingency [Line Items]
Loans Payable	$ 50.7		50.7
Post Shop Project
Income Tax Contingency [Line Items]
Payments for qualified construction, development and equipping activities			0.8
Restricted cash	0		0
Spooler Project
Income Tax Contingency [Line Items]
Restricted cash	18.8		$ 18.8
Fund 219
Income Tax Contingency [Line Items]
Period at end of which Company may be entitled or obligated to repurchase interest in the fund			8 years
Fund 219 | Post Shop Project
Income Tax Contingency [Line Items]
Capital Contribution Received Under New Markets Tax Program	$ 2.8
Loans and Leases Receivable, Gross				$ 10.4
Loan Receivable, Stated Interest Rate	1.16%		1.16%
Qualified Equity Investment Into Community Development Entities			$ 12.8
Fund 219 | Post Shop Project | Qualified Equity Investment Loans | CMC Steel Oklahoma, LLC
Income Tax Contingency [Line Items]
Loans Payable	$ 12.6		12.6
Fund 222 | Qualified Equity Investment Loans
Income Tax Contingency [Line Items]
Loans Payable	2.1		2.1
Fund 222 | Post Shop Project
Income Tax Contingency [Line Items]
Capital Contribution Received Under New Markets Tax Program	2.2
Qualified Equity Investment Into Community Development Entities			2.2
Fund 222 | Post Shop Project | Qualified Equity Investment Loans | CMC Steel Oklahoma, LLC
Income Tax Contingency [Line Items]
Loans Payable	2.1		$ 2.1
Fund 249
Income Tax Contingency [Line Items]
Period at end of which Company may be entitled or obligated to repurchase interest in the fund			7 years
Fund 249 | Spooler Project
Income Tax Contingency [Line Items]
Capital Contribution Received Under New Markets Tax Program	6.7
Loans and Leases Receivable, Gross	$ 14		$ 14
Loan Receivable, Stated Interest Rate	1.39%		1.39%
Qualified Equity Investment Into Community Development Entities	$ 20
Fund 249 | Spooler Project | Qualified Equity Investment Loans | CMC Steel Oklahoma, LLC
Income Tax Contingency [Line Items]
Loans Payable	$ 19.4		$ 19.4

DERIVATIVES AND RISK MANAGEME70

DERIVATIVES AND RISK MANAGEMENT (Narrative) (Details) - USD ($) $ in Millions	Aug. 31, 2017	Aug. 31, 2016
Foreign exchange
Derivative [Line Items]
Notional value of contract commitments	$ 300.4	$ 258.3
Commodity
Derivative [Line Items]
Notional value of contract commitments	$ 59.3	$ 19.8

DERIVATIVES AND RISK MANAGEME71

DERIVATIVES AND RISK MANAGEMENT (Derivatives Not Designated as Hedging Instruments) (Details) - USD ($) $ in Thousands	12 Months Ended
	Aug. 31, 2017	Aug. 31, 2016	Aug. 31, 2015
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) before taxes for derivatives not designated as hedging instruments	$ (14,542)	$ 14,426	$ 38,852
Commodity | Cost of goods sold
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) before taxes for derivatives not designated as hedging instruments	(9,095)	2,675	7,746
Foreign exchange | Cost of goods sold
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) before taxes for derivatives not designated as hedging instruments	(47)	19	4,996
Foreign exchange | Net sales
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) before taxes for derivatives not designated as hedging instruments	0	0	3,005
Foreign exchange | SG&A expenses
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) before taxes for derivatives not designated as hedging instruments	$ (5,400)	$ 11,732	$ 23,105

DERIVATIVES AND RISK MANAGEME72

DERIVATIVES AND RISK MANAGEMENT (Derivatives Designated as Fair Value Hedging Instruments) (Details) - USD ($) $ in Thousands	12 Months Ended
	Aug. 31, 2017	Aug. 31, 2016	Aug. 31, 2015
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) before taxes for derivatives designated as fair value hedging instruments	$ (1,411)	$ (1,113)	$ 652
Gain (loss) before taxes for hedged items designated as fair value hedging instruments	1,411	1,113	(652)
Foreign exchange | Net sales
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) before taxes for derivatives designated as fair value hedging instruments	25	(38)	(236)
Gain (loss) before taxes for hedged items designated as fair value hedging instruments	(25)	38	236
Foreign exchange | Cost of goods sold
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) before taxes for derivatives designated as fair value hedging instruments	(1,436)	(1,075)	888
Gain (loss) before taxes for hedged items designated as fair value hedging instruments	$ 1,436	$ 1,075	$ (888)

DERIVATIVES AND RISK MANAGEME73

DERIVATIVES AND RISK MANAGEMENT (Hedged Items Designated as Fair Value Hedging Instruments) (Details) - USD ($) $ in Thousands	12 Months Ended
	Aug. 31, 2017	Aug. 31, 2016	Aug. 31, 2015
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) before taxes for hedged items designated as fair value hedging instruments	$ 1,411	$ 1,113	$ (652)
Foreign exchange | Net sales
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) before taxes for hedged items designated as fair value hedging instruments	(25)	38	236
Foreign exchange | Cost of goods sold
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) before taxes for hedged items designated as fair value hedging instruments	$ 1,436	$ 1,075	$ (888)

DERIVATIVES AND RISK MANAGEME74

DERIVATIVES AND RISK MANAGEMENT (Effective Portion of Derivatives Designated as Cash Flow Hedging Instruments Recognized in Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands	12 Months Ended
	Aug. 31, 2017	Aug. 31, 2016	Aug. 31, 2015
Derivative Instruments, Gain (Loss) [Line Items]
Gain, (loss), net of taxes for effective portion of derivatives designated as cash flow hedging instruments recognized in AOCI	$ 756	$ 1,618	$ (2,467)
Commodity
Derivative Instruments, Gain (Loss) [Line Items]
Gain, (loss), net of taxes for effective portion of derivatives designated as cash flow hedging instruments recognized in AOCI	210	(204)	(635)
Foreign exchange
Derivative Instruments, Gain (Loss) [Line Items]
Gain, (loss), net of taxes for effective portion of derivatives designated as cash flow hedging instruments recognized in AOCI	$ 546	$ 1,822	$ (1,832)

DERIVATIVES AND RISK MANAGEME75

DERIVATIVES AND RISK MANAGEMENT (Derivative Assets) (Details) - USD ($) $ in Thousands		Aug. 31, 2017	Aug. 31, 2016
Derivatives, Fair Value [Line Items]
Derivative assets (other current assets)	[1]	$ 2,134	$ 2,732
Commodity | Designated
Derivatives, Fair Value [Line Items]
Derivative assets (other current assets)		0	4
Commodity | Not designated
Derivatives, Fair Value [Line Items]
Derivative assets (other current assets)		767	584
Foreign exchange | Designated
Derivatives, Fair Value [Line Items]
Derivative assets (other current assets)		81	1,398
Foreign exchange | Not designated
Derivatives, Fair Value [Line Items]
Derivative assets (other current assets)		1,286	750
Assets Held for Sale, Current
Derivatives, Fair Value [Line Items]
Derivative assets (other current assets)		$ 0	$ 4
[1]	* Derivative assets and liabilities do not include the hedged items designated as fair value hedges.

DERIVATIVES AND RISK MANAGEME76

DERIVATIVES AND RISK MANAGEMENT (Derivative Liabilities) (Details) - USD ($) $ in Thousands		Aug. 31, 2017	Aug. 31, 2016
Derivatives, Fair Value [Line Items]
Derivative liabilities (accrued expenses and other payables)	[1]	$ 8,510	$ 2,180
Commodity | Designated
Derivatives, Fair Value [Line Items]
Derivative liabilities (accrued expenses and other payables)		0	5
Commodity | Not designated
Derivatives, Fair Value [Line Items]
Derivative liabilities (accrued expenses and other payables)		3,251	117
Foreign exchange | Designated
Derivatives, Fair Value [Line Items]
Derivative liabilities (accrued expenses and other payables)		1,549	902
Foreign exchange | Not designated
Derivatives, Fair Value [Line Items]
Derivative liabilities (accrued expenses and other payables)		3,710	1,161
Liabilities Held for Sale, Current
Derivatives, Fair Value [Line Items]
Derivative liabilities (accrued expenses and other payables)		$ 0	$ 5
[1]	* Derivative assets and liabilities do not include the hedged items designated as fair value hedges.

FAIR VALUE (Narrative) (Details

FAIR VALUE (Narrative) (Details) $ in Millions	3 Months Ended			12 Months Ended
	Aug. 31, 2017USD ($)	Aug. 31, 2016USD ($)	May 31, 2016USD ($)	Aug. 31, 2017USD ($)levels
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of fair value hierarchy | levels				3
Nonrecurring impairment charge	$ 4.2		$ 15.8
Foreign currency translation loss			$ (13.5)
Americas Recycling
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment of long-lived assets	38.9	$ 38.9
Fixed assets, fair value	$ 82.8			$ 82.8

FAIR VALUE (Financial Assets an

FAIR VALUE (Financial Assets and Financial Liabilities Measured at Fair Value on Recurring Basis) (Details) - USD ($) $ in Thousands		Aug. 31, 2017	Aug. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	[1]	$ 2,134	$ 2,732
Fair value, measurements, recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market investments	[2]	43,553	278,759
Fair value, measurements, recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market investments	[2]	43,553	278,759
Fair value, measurements, recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market investments	[2]	0	0
Fair value, measurements, recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market investments	[2]	0	0
Fair value, measurements, recurring | Commodity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	[3]	767	588
Derivative liabilities	[3]	3,251	122
Fair value, measurements, recurring | Commodity | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	[3]	767	584
Derivative liabilities	[3]	3,251	117
Fair value, measurements, recurring | Commodity | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	[3]	0	4
Derivative liabilities	[3]	0	5
Fair value, measurements, recurring | Commodity | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	[3]	0	0
Derivative liabilities	[3]	0	0
Fair value, measurements, recurring | Foreign exchange
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	[3]	1,367	2,148
Derivative liabilities	[3]	5,259	2,063
Fair value, measurements, recurring | Foreign exchange | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	[3]	0	0
Derivative liabilities	[3]	0	0
Fair value, measurements, recurring | Foreign exchange | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	[3]	1,367	2,148
Derivative liabilities	[3]	5,259	2,063
Fair value, measurements, recurring | Foreign exchange | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	[3]	0	0
Derivative liabilities	[3]	$ 0	$ 0
[1]	* Derivative assets and liabilities do not include the hedged items designated as fair value hedges.
[2]	(1) Investment deposit accounts are short-term in nature, and the value is determined by principal plus interest. The investment portfolio mix can change each period based on the Company's assessment of investment options.
[3]	(2) Derivative assets and liabilities classified as Level 1 are commodity futures contracts valued based on quoted market prices in the London Metal Exchange or the New York Mercantile Exchange. Amount in Level 2 are based on broker quotes in the over-the-counter market. Further discussion regarding the Company's use of derivative instruments and the classification of the assets and liabilities is included in Note 13, Derivatives and Risk Management.

FAIR VALUE FAIR VALUE (Financia

FAIR VALUE FAIR VALUE (Financial Assets and Liabilities Not Required to Be Measured at Fair Value) (Details) - USD ($) $ in Thousands		Aug. 31, 2017	Aug. 31, 2016
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Financial liabilities		$ 832,077	$ 1,075,641
$300 Million notes at 5.375% due July 2027 | Level 2 | Carrying Value
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Financial liabilities	[1]	300,000	0
$300 Million notes at 5.375% due July 2027 | Level 2 | Fair Value
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Financial liabilities	[1]	314,286	0
$400 million notes at 6.40% due July 2017
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Financial liabilities		0	302,601
$400 million notes at 6.40% due July 2017 | Level 2 | Carrying Value
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Financial liabilities	[1]	330,000	330,000
$400 million notes at 6.40% due July 2017 | Level 2 | Fair Value
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Financial liabilities	[1]	340,052	332,010
2022 Term Loan | Level 2 | Carrying Value
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Financial liabilities	[2]	150,000	0
2022 Term Loan | Level 2 | Fair Value
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Financial liabilities	[2]	150,000	0
$500 million notes at 6.40% due August 2018
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Financial liabilities		0	408,874
$500 million notes at 6.40% due August 2018 | Level 2 | Carrying Value
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Financial liabilities	[1]	0	408,874
$500 million notes at 6.40% due August 2018 | Level 2 | Fair Value
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Financial liabilities	[1]	0	432,303
$330 million notes at 4.875% due May 2023
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Financial liabilities		330,000	330,000
$330 million notes at 4.875% due May 2023 | Level 2 | Carrying Value
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Financial liabilities	[1]	0	302,601
$330 million notes at 4.875% due May 2023 | Level 2 | Fair Value
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Financial liabilities	[1]	$ 0	$ 311,250
[1]	(1) The fair value of the Notes is determined based on indicated market values.
[2]	The Term Loan contains variable interest rates and its carrying value approximates fair value.

INCOME TAX (Narrative) (Details

INCOME TAX (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Aug. 31, 2017	Aug. 31, 2016	Aug. 31, 2015	Aug. 31, 2013
Effective tax rate from discontinued operations	(29.90%)	(113.60%)	44.10%
Effective income tax rates from continuing operations	27.70%	15.70%	34.70%
Statutory tax rate	35.00%	35.00%	35.00%
Income taxes (benefit) on discontinued operations	$ (3,175)	$ 1,669	$ 12,950
Net Income tax payments (refunds)	31,000	50,200	61,000
Indefinitely reinvested foreign earnings	578,100
Unrecognized tax benefits	9,283	9,522	27,349	$ 27,349
Unrecognized tax benefits that would impact effective tax rate			$ 12,000
Accrued interest and penalties on unrecognized tax benefits	1,200	1,000
State
Net operating losses carry forward	382,900
Foreign
Net operating losses carry forward	840,400
Valuation allowance, net operating loss carryforwards
Valuation allowance against deferred tax assets	$ 121,000	$ 73,000
POLAND
Foreign income tax rate	19.00%

INCOME TAX (Components of Earni

INCOME TAX (Components of Earnings from Continuing Operations before Income Taxes) (Details) - USD ($) $ in Thousands	12 Months Ended
	Aug. 31, 2017	Aug. 31, 2016	Aug. 31, 2015
Income Tax Disclosure [Abstract]
United States	$ 15,739	$ 47,076	$ 81,619
Foreign	29,265	21,634	14,843
Earnings from continuing operations before income taxes	$ 45,004	$ 68,710	$ 96,462

INCOME TAX (Income Taxes Includ

INCOME TAX (Income Taxes Included in the Consolidated Statements of Operations) (Details) - USD ($) $ in Thousands	12 Months Ended
	Aug. 31, 2017	Aug. 31, 2016	Aug. 31, 2015
Current:
United States	$ 11,345	$ 5,224	$ 53,258
Foreign	9,464	6,991	3,329
State and local	2,654	4,130	2,830
Current taxes	23,463	16,345	59,417
Deferred:
United States	(13,548)	(4,423)	(14,219)
Foreign	(917)	254	722
State and local	281	303	488
Deferred taxes	(14,184)	(3,866)	(13,009)
Total income taxes on income	9,279	12,479	46,408
Income taxes (benefit) on discontinued operations	(3,175)	1,669	12,950
Income taxes on continuing operations	$ 12,454	$ 10,810	$ 33,458

INCOME TAX (Reconciliation of F

INCOME TAX (Reconciliation of Federal Statutory Rate to Effective Tax Rate from Continuing Operations) (Details) - USD ($) $ in Thousands	12 Months Ended
	Aug. 31, 2017	Aug. 31, 2016	Aug. 31, 2015
Income Tax Disclosure [Abstract]
Income tax expense at statutory rate of 35%	$ 15,751	$ 24,050	$ 33,761
Change in valuation allowance	113,089	75,076	16,194
Foreign tax impairment on valuation of subsidiaries	(92,321)	(60,204)	0
Nontaxable foreign interest	(19,259)	(16,063)	(16,712)
Foreign rate differential	(5,534)	(1,522)	(1,872)
Deferred compensation	(2,101)	(1,375)	772
State and local taxes	1,698	1,950	1,802
Section 199 manufacturing deduction	(1,407)	(4,694)	(4,017)
Audit settlement	(659)	(10,264)	0
Other	3,197	3,856	3,530
Income tax expense on continuing operations	$ 12,454	$ 10,810	$ 33,458
Effective income tax rates from continuing operations	27.70%	15.70%	34.70%

INCOME TAX (Deferred Tax Assets

INCOME TAX (Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands	Aug. 31, 2017	Aug. 31, 2016
Deferred tax assets:
Deferred compensation and employee benefits	$ 46,898	$ 45,496
Net operating losses and credits	273,549	154,606
Reserves and other accrued expenses	21,727	18,831
Allowance for doubtful accounts	3,223	2,438
Intangibles	3,924	6,214
Other	2,314	768
Total deferred tax assets	351,635	228,353
Valuation allowance for deferred tax assets	(273,991)	(153,011)
Deferred tax assets, net	77,644	75,342
Deferred tax liabilities:
Fixed assets	101,707	96,100
Inventory	12,731	30,822
Other	2,455	2,799
Total deferred tax liabilities	(39,249)	(54,379)
Net deferred tax liabilities	$ 116,893	$ 129,721

INCOME TAX (Unrecognized Tax Be

INCOME TAX (Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands	12 Months Ended
	Aug. 31, 2017	Aug. 31, 2016	Aug. 31, 2015
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Unrecognized Tax Benefits, Beginning Balance	$ 9,522	$ 27,349
Change in tax positions of current year	0	0	$ 0
Change for tax positions of prior years	0	0	0
Reductions due to settlements with taxing authorities	(239)	(17,827)	0
Unrecognized Tax Benefits, Ending Balance	$ 9,283	$ 9,522	$ 27,349

STOCK-BASED COMPENSATION PLAN86

STOCK-BASED COMPENSATION PLANS (Stock-Based Awards Granted) (Details) - shares	12 Months Ended
	Aug. 31, 2017	Aug. 31, 2016	Aug. 31, 2015
Restricted Stock Awards/Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted, number	1,303,976	1,137,000	987,574
Performance Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted, number	576,286	540,295	462,496

STOCK-BASED COMPENSATION PLAN87

STOCK-BASED COMPENSATION PLANS (Narrative) (Details) $ in Millions	12 Months Ended
	Aug. 31, 2017USD ($)Intervalshares	Aug. 31, 2016USD ($)shares	Aug. 31, 2015USD ($)shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense | $	$ 30.3	$ 26.4	$ 23.5
Total unrecognized compensation cost | $	$ 19.3
Period of unrecognized compensation to be recognized	3 years
Shares available for future grants	11,144,004
Fair value of shares vested | $	$ 24.4	$ 21.3	$ 10.2
Certain RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Period of unrecognized compensation to be recognized	4 years
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation expense resulting from modification and change in stock value | $	$ 2.8
Restricted stock awards and performance stock units, granted, shares	1,303,976	1,137,000	987,574
Restricted stock units | United States
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting frequency | Interval	3
Vesting period	3 years
Restricted stock units | Non-U.S.
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting frequency | Interval	3
Vesting period	3 years
Performance Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock awards and performance stock units, granted, shares	576,286	540,295	462,496
Performance Awards | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payout percentage	50.00%
Performance Awards | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payout percentage	200.00%
Performance Awards | EBITDA
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage that performance targets are weighted	75.00%	75.00%	75.00%
Performance Awards | Relative total stockholder return
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage that performance targets are weighted	25.00%	25.00%	25.00%
Liability awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock awards and performance stock units, granted, shares	914,545	464,782
Equivalent number of awards outstanding	1,752,492
Equivalent number of shares expected to vest	1,671,441
Stock appreciation rights and stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock appreciation rights and stock options, granted, number	0	0	0
Equivalent shares of SARs outstanding	109,307
Cash-settled stock appreciation rights
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock appreciation rights and stock options, granted, number		0
Equivalent shares of SARs outstanding	6,367
Equivalent number of shares expected to vest	6,048
Vesting in two years
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	25.00%
Vesting period	2 years
Vesting in three years
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	25.00%
Vesting period	3 years
Vesting in four years
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	50.00%
Vesting period	4 years
Employee stock purchase plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for future grants	3,517,604
Maximum number of shares per employee	400
Purchase discount from market price		15.00%	15.00%

STOCK-BASED COMPENSATION PLAN88

STOCK-BASED COMPENSATION PLANS (Restricted Stock Awards and Performance Stock Units Excluding the Cash Component) (Details) - Restricted stock units and performance stock units excluding the cash component - $ / shares	12 Months Ended
	Aug. 31, 2017	Aug. 31, 2016	Aug. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding number, beginning balance	2,700,230	2,733,334	2,080,580
Granted, number	1,462,442	1,612,772	1,468,696
Vested, number	(1,385,753)	(1,471,436)	(712,279)
Forfeited, number	(323,339)	(174,440)	(103,663)
Outstanding number, ending balance	2,453,580	2,700,230	2,733,334
Outstanding, weighted average grant-date fair value, beginning balance	$ 16.49	$ 15.86	$ 15.37
Granted, weighted average grant-date fair value	16.17	15.83	15.79
Vested, weighted average grant-date fair value	17.62	14.47	14.33
Forfeited, weighted average grant-date fair value	16.58	17.60	15.51
Outstanding, weighted average grant-date fair value, ending balance	$ 15.65	$ 16.49	$ 15.86

STOCK-BASED COMPENSATION PLAN89

STOCK-BASED COMPENSATION PLANS (Combined Activity for Stock Appreciation Rights and Stock Options Excluding the Cash Component) (Details) - Stock appreciation rights and stock options excluding the cash component - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Aug. 31, 2017	Aug. 31, 2016	Aug. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding, number, beginning balance	358,994	842,217	1,437,031
Exercised, number	(235,687)	(418,378)	(142,604)
Forfeited / expired, number	(14,000)	(64,845)	(452,210)
Outstanding, number, ending balance	109,307	358,994	842,217
Exercisable, number	109,307
Outstanding, weighted average exercise price, beginning balance	$ 14.39	$ 13.04	$ 19.85
Exercised, weighted average exercise price	14.72	12.10	11.80
Forfeited / expired, weighted average exercise price	14.05	11.60	35.10
Outstanding, weighted average exercise price, ending balance	13.72	$ 14.39	$ 13.04
Exercisable, weighted average exercise price	$ 13.72
Outstanding, weighted average remaining contractual life (years)	1 year 3 months 18 days	1 year 8 months 12 days	2 years 8 months 23 days
Exercisable, weighted average remaining contractual life (years)	1 year 3 months 18 days
Outstanding, aggregated intrinsic value	$ 564,826	$ 405,864	$ 2,243,765
Exercisable, aggregated intrinsic value	$ 564,826
Remaining unvested stock appreciation rights and stock options expected to vest, number	0
Remaining unvested options and SARs expected to vest, weighted average exercise price	$ 0
Intrinsic value of SARs and options exercised	$ 1,400	$ 2,200

STOCK-BASED COMPENSATION PLAN90

STOCK-BASED COMPENSATION PLANS (Information Related To Stock Appreciation Rights And Stock Options) (Details) - Stock appreciation rights and stock options	12 Months Ended
	Aug. 31, 2017$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding, number | shares	109,307
Outstanding, weighted average remaining contractual life (in years)	1 year 3 months 18 days
Outstanding, weighted average exercise price	$ 13.72
$11.60 - 14.12
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Range of exercise prices, lower range limit	11.60
Range of exercise prices, upper range limit	$ 14.12
Outstanding, number | shares	81,307
Outstanding, weighted average remaining contractual life (in years)	1 year 7 months 6 days
Outstanding, weighted average exercise price	$ 12.65
$16.54 - 16.83
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Range of exercise prices, lower range limit	16.83
Range of exercise prices, upper range limit	$ 16.83
Outstanding, number | shares	28,000
Outstanding, weighted average remaining contractual life (in years)	4 months 24 days
Outstanding, weighted average exercise price	$ 16.83

STOCK-BASED COMPENSATION PLAN91

STOCK-BASED COMPENSATION PLANS (Yearly Activity of Stock Purchase Plan) (Details) - $ / shares	12 Months Ended
	Aug. 31, 2017	Aug. 31, 2016	Aug. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for future issuance	11,144,004
Employee stock purchase plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares subscribed	173,420	212,370	198,710
Price per share	$ 18.99	$ 12.03	$ 13.73
Shares purchased	166,220	156,860	172,170
Price per share	$ 12.04	$ 13.71	$ 16.96
Shares available for future issuance	3,517,604

CAPITAL STOCK (Narrative) (Deta

CAPITAL STOCK (Narrative) (Details) - USD ($)	12 Months Ended
	Aug. 31, 2017	Aug. 31, 2016	Nov. 30, 2014
Stockholders' Equity Note [Abstract]
Share repurchase program, authorized amount			$ 100,000,000
Treasury stock, shares, purchased (shares)	0	2,300,000
Treasury stock acquired, average cost per share (in USD per share)		$ 13.57
Share repurchase program, remaining authorized repurchase amount	$ 27,600,000
Preferred stock, par value per share (in USD per share)	$ 1
Preferred stock, shares authorized (shares)	2,000,000
Preferred stock, shares outstanding (shares)	0

EMPLOYEES' RETIREMENT PLANS (Na

EMPLOYEES' RETIREMENT PLANS (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Aug. 31, 2017	Aug. 31, 2016	Aug. 31, 2015
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
BRP liability	$ 23,000	$ 0
BRP plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Deferred compensation liability	73,100	71,000
Current value of segregated assets	75,700	69,700
Net holding gain on segregated assets	7,500	5,400
United States
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Compensation expense under defined contribution profit sharing and savings plan and BRP Plan	28,300	25,000	$ 9,700
Other Long-term Liabilities | BRP plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Deferred compensation liability	$ 50,100	$ 71,000

COMMITMENTS AND CONTINGENCIES94

COMMITMENTS AND CONTINGENCIES (Minimum Lease Commitments Payable for Noncancelable Operating Leases) (Details) $ in Thousands	Aug. 31, 2017USD ($)
Commitments and Contingencies Disclosure [Abstract]
2,018	$ 21,473
2,019	15,889
2,020	10,009
2,021	7,392
2,022	5,330
Thereafter	6,350
Total	$ 66,443

COMMITMENTS AND CONTINGENCIES95

COMMITMENTS AND CONTINGENCIES (Narrative) (Details) - USD ($)	3 Months Ended	12 Months Ended
	May 31, 2015	Aug. 31, 2017	Aug. 31, 2016	Aug. 31, 2015
Loss Contingencies [Line Items]
Total rental expense		$ 37,300,000	$ 40,700,000	$ 52,800,000
Benefit on contract termination	$ 45,500,000
Total environmental liabilities		4,300,000	3,300,000
Long-term environmental liabilities		2,100,000	2,100,000
CERCLA sites
Loss Contingencies [Line Items]
Total environmental liabilities		700,000	$ 700,000
Minimum | Texas Commission on Environmental Quality [Member]
Loss Contingencies [Line Items]
Estimate of potential loss		$ 0

EARNINGS PER SHARE ATTRIBUTAB96

EARNINGS PER SHARE ATTRIBUTABLE TO CMC (Calculations of Basic and Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Aug. 31, 2017	Aug. 31, 2016	Aug. 31, 2015
Earnings Per Share [Abstract]
Earnings from continuing operations	$ 32,550	$ 57,900	$ 63,004
Basic earnings per share:
Shares outstanding for basic earnings per share	115,654,466	115,211,490	116,527,265
Basic earnings per share from continuing operations attributable to CMC (USD per share)	$ 0.28	$ 0.50	$ 0.54
Diluted earnings per share:
Shares outstanding for basic earnings per share	115,654,466	115,211,490	116,527,265
Effect of dilutive securities:
Stock-based incentive/purchase plans	1,709,942	1,412,336	1,422,633
Shares outstanding for diluted earnings per share	117,364,408	116,623,826	117,949,898
Diluted earnings per share from continuing operations attributable to CMC (USD per share)	$ 0.27	$ 0.50	$ 0.53
Anti-dilutive shares not included above	0	274,251	371,273

ACCRUED EXPENSES AND OTHER PA97

ACCRUED EXPENSES AND OTHER PAYABLES (Details) - USD ($) $ in Thousands	Aug. 31, 2017	Aug. 31, 2016
Payables and Accruals [Abstract]
Salaries and incentive compensation	$ 95,488	$ 107,507
Taxes other than income taxes	38,449	28,056
Advance billings on contracts	37,279	26,721
Insurance	23,540	23,480
BRP liability	23,000	0
Utilities	$ 14,862	$ 13,207

BUSINESS SEGMENTS (Narrative) (

BUSINESS SEGMENTS (Narrative) (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Nov. 30, 2016segments	Aug. 31, 2017USD ($)segments	Aug. 31, 2016USD ($)	Aug. 31, 2015USD ($)
Number of reporting segments | segments	5	5
Total assets		$ 2,975,131	$ 3,130,869
Discontinued operations
Total assets		$ 26,600	$ 161,500	$ 240,500

BUSINESS SEGMENTS (Summary of C

BUSINESS SEGMENTS (Summary of Certain Financial Information from Continuing Operations by Reportable Segment) (Details) - USD ($) $ in Thousands		3 Months Ended																12 Months Ended
		Aug. 31, 2017		May 31, 2017	[1]	Feb. 28, 2017	[1]	Nov. 30, 2016	[1]	Aug. 31, 2016		May 31, 2016	[1]	Feb. 29, 2016	[1]	Nov. 30, 2015	[1]	Aug. 31, 2017	Aug. 31, 2016	Aug. 31, 2015
Segment Reporting Information [Line Items]
Net sales		$ 1,260,981	[1]	$ 1,260,700		$ 1,053,903		$ 994,091		$ 1,102,646	[1]	$ 1,110,790		$ 913,894		$ 1,050,188		$ 4,569,675	$ 4,177,518	$ 5,424,413
Interest expense																		44,047	62,121	76,456
Capital expenditures																		213,120	163,332	119,580
Impairment of assets																		8,164	40,028	9,839
Total assets		2,975,131								3,130,869								2,975,131	3,130,869
Continuing Operations
Segment Reporting Information [Line Items]
Net sales																		4,569,675	4,177,518	5,424,413
Americas Recycling
Segment Reporting Information [Line Items]
Net sales																		865,462	594,275	887,068
Americas Mills
Segment Reporting Information [Line Items]
Net sales																		917,689	839,432	1,048,063
Americas Fabrication
Segment Reporting Information [Line Items]
Net sales																		1,364,826	1,479,125	1,612,084
International Mill
Segment Reporting Information [Line Items]
Net sales																		635,691	516,643	626,219
International Marketing and Distribution
Segment Reporting Information [Line Items]
Net sales																		776,382	740,961	1,250,127
Corporate
Segment Reporting Information [Line Items]
Net sales																		9,625	7,082	852
Eliminations
Segment Reporting Information [Line Items]
Net sales																		0	0	0
Segments | Continuing Operations
Segment Reporting Information [Line Items]
Net sales																		4,569,675	4,177,518	5,424,413
Adjusted operating profit (loss)																		89,914	132,519	174,465
Interest expense	[2]																	44,047	62,121	76,456
Capital expenditures	[3]																	213,074	163,060	115,761
Depreciation and amortization																		125,053	126,917	132,478
Impairment of assets																		8,164	40,028	9,839
Total assets	[4]	2,948,572								2,969,377								2,948,572	2,969,377	3,205,116
Segments | Americas Recycling
Segment Reporting Information [Line Items]
Net sales																		1,011,500	705,754	1,022,621
Adjusted operating profit (loss)																		14,822	(61,284)	(29,157)
Interest expense	[2]																	2,979	2,210	2,628
Capital expenditures	[3]																	7,148	4,891	12,811
Depreciation and amortization																		15,497	17,919	17,460
Impairment of assets																		559	38,900	7,494
Total assets	[4]	234,350								188,873								234,350	188,873	261,676
Segments | Americas Mills
Segment Reporting Information [Line Items]
Net sales																		1,565,454	1,498,848	1,841,812
Adjusted operating profit (loss)																		168,805	209,751	255,507
Interest expense	[2]																	(3,394)	1,942	4,207
Capital expenditures	[3]																	172,738	110,375	67,203
Depreciation and amortization																		49,419	47,924	46,780
Impairment of assets																		0	0	0
Total assets	[4]	933,022								798,481								933,022	798,481	738,669
Segments | Americas Fabrication
Segment Reporting Information [Line Items]
Net sales																		1,375,928	1,489,455	1,624,238
Adjusted operating profit (loss)																		4,097	68,602	22,424
Interest expense	[2]																	9,899	8,356	8,864
Capital expenditures	[3]																	15,495	14,958	14,883
Depreciation and amortization																		13,399	13,620	17,509
Impairment of assets																		0	0	1,585
Total assets	[4]	683,609								659,165								683,609	659,165	713,860
Segments | International Mill
Segment Reporting Information [Line Items]
Net sales																		636,562	517,186	626,251
Adjusted operating profit (loss)																		46,977	28,892	17,555
Interest expense	[2]																	3,073	2,608	2,620
Capital expenditures	[3]																	12,603	27,155	15,413
Depreciation and amortization																		25,822	25,902	28,087
Impairment of assets																		150	208	124
Total assets	[4]	462,190								372,492								462,190	372,492	403,706
Segments | International Marketing and Distribution
Segment Reporting Information [Line Items]
Net sales																		781,364	754,958	1,332,364
Adjusted operating profit (loss)																		(24,324)	(23,690)	(15,443)
Interest expense	[2]																	2,804	1,547	6,078
Capital expenditures	[3]																	141	94	257
Depreciation and amortization																		941	1,279	1,903
Impairment of assets																		6,742	726	623
Total assets	[4]	351,716								390,969								351,716	390,969	551,886
Segments | Corporate
Segment Reporting Information [Line Items]
Net sales																		9,625	7,082	852
Adjusted operating profit (loss)																		(119,629)	(95,085)	(77,832)
Interest expense	[2]																	28,686	45,458	52,059
Capital expenditures	[3]																	4,949	5,587	5,194
Depreciation and amortization																		19,975	20,273	20,739
Impairment of assets																		713	194	13
Total assets	[4]	677,691								1,034,053								677,691	1,034,053	1,049,815
Segments | Eliminations
Segment Reporting Information [Line Items]
Net sales																		(810,758)	(795,765)	(1,023,725)
Adjusted operating profit (loss)																		(834)	5,333	1,411
Interest expense	[2]																	0	0	0
Capital expenditures	[3]																	0	0	0
Depreciation and amortization																		0	0	0
Impairment of assets																		0	0	0
Total assets	[4]	$ (394,006)								$ (474,656)								(394,006)	(474,656)	(514,496)
Intersegment | Continuing Operations
Segment Reporting Information [Line Items]
Net sales																		0	0	0
Intersegment | Americas Recycling
Segment Reporting Information [Line Items]
Net sales																		146,038	111,479	135,553
Intersegment | Americas Mills
Segment Reporting Information [Line Items]
Net sales																		647,765	659,416	793,749
Intersegment | Americas Fabrication
Segment Reporting Information [Line Items]
Net sales																		11,102	10,330	12,154
Intersegment | International Mill
Segment Reporting Information [Line Items]
Net sales																		871	543	32
Intersegment | International Marketing and Distribution
Segment Reporting Information [Line Items]
Net sales																		4,982	13,997	82,237
Intersegment | Corporate
Segment Reporting Information [Line Items]
Net sales																		0	0	0
Intersegment | Eliminations
Segment Reporting Information [Line Items]
Net sales																		$ (810,758)	$ (795,765)	$ (1,023,725)
[1]	Excludes divisions classified as discontinued operations. See Note 3, Changes in Business.
[2]	Includes intercompany interest expense (income) in the segments, which is eliminated within Corporate.
[3]	Excludes capital expenditures from discontinued operations that were immaterial for the years ended August 31, 2017, 2016 and 2015.
[4]	Excludes total assets from discontinued operations of $26.6 million at August 31, 2017, $161.5 million at August 31, 2016, and $240.5 million at August 31, 2015.

BUSINESS SEGMENTS (Reconciliati

BUSINESS SEGMENTS (Reconciliations of Earnings from Continuing Operations to Adjusted Operating Profit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Aug. 31, 2017	Aug. 31, 2016	Aug. 31, 2015
Earnings from continuing operations	$ 32,550	$ 57,900	$ 63,004
Income taxes	12,454	10,810	33,458
Interest expense	44,047	62,121	76,456
Discounts on sales of accounts receivable	900	1,700	2,400
Continuing operations
Discounts on sales of accounts receivable	863	1,688	1,547
Adjusted operating profit (loss) from continuing operations	$ 89,914	$ 132,519	$ 174,465

BUSINESS SEGMENTS (External Net

BUSINESS SEGMENTS (External Net Sales from Continuing Operations by Major Product) (Details) - USD ($) $ in Thousands

3 Months Ended

12 Months Ended

Aug. 31, 2017

[1]

May 31, 2017

[1]

Feb. 28, 2017

[1]

Nov. 30, 2016

[1]

Aug. 31, 2016

[1]

May 31, 2016

[1]

Feb. 29, 2016

[1]

Nov. 30, 2015

[1]

Aug. 31, 2017

Aug. 31, 2016

Aug. 31, 2015

Entity-Wide Information, Revenue from External Customer [Line Items]

Net sales

$ 1,260,981

$ 1,260,700

$ 1,053,903

$ 994,091

$ 1,102,646

$ 1,110,790

$ 913,894

$ 1,050,188

$ 4,569,675

$ 4,177,518

$ 5,424,413

Steel products

Entity-Wide Information, Revenue from External Customer [Line Items]

Net sales

3,262,364

3,156,028

4,084,092

Nonferrous scrap

Entity-Wide Information, Revenue from External Customer [Line Items]

Net sales

506,220

364,690

536,856

Ferrous scrap

Entity-Wide Information, Revenue from External Customer [Line Items]

Net sales

433,312

287,713

428,192

Construction materials

Entity-Wide Information, Revenue from External Customer [Line Items]

Net sales

228,910

234,513

215,927

Nonferrous products

Entity-Wide Information, Revenue from External Customer [Line Items]

Net sales

15,062

13,456

10,443

Other

Entity-Wide Information, Revenue from External Customer [Line Items]

Net sales

$ 123,807

$ 121,118

$ 148,903

[1]

Excludes divisions classified as discontinued operations. See Note 3, Changes in Business.

BUSINESS SEGMENTS (External 102

BUSINESS SEGMENTS (External Net Sales from Continuing Operations by Geographic Area) (Details) - USD ($) $ in Thousands

3 Months Ended

12 Months Ended

Aug. 31, 2017

[1]

May 31, 2017

[1]

Feb. 28, 2017

[1]

Nov. 30, 2016

[1]

Aug. 31, 2016

[1]

May 31, 2016

[1]

Feb. 29, 2016

[1]

Nov. 30, 2015

[1]

Aug. 31, 2017

Aug. 31, 2016

Aug. 31, 2015

Revenues from External Customers and Long-Lived Assets [Line Items]

Net sales

$ 1,260,981

$ 1,260,700

$ 1,053,903

$ 994,091

$ 1,102,646

$ 1,110,790

$ 913,894

$ 1,050,188

$ 4,569,675

$ 4,177,518

$ 5,424,413

United States

Revenues from External Customers and Long-Lived Assets [Line Items]

Net sales

3,268,466

2,939,630

3,808,757

Europe

Revenues from External Customers and Long-Lived Assets [Line Items]

Net sales

668,796

658,352

871,071

Asia

Revenues from External Customers and Long-Lived Assets [Line Items]

Net sales

399,600

403,628

559,279

Australia/New Zealand

Revenues from External Customers and Long-Lived Assets [Line Items]

Net sales

187,128

125,069

121,403

Other

Revenues from External Customers and Long-Lived Assets [Line Items]

Net sales

$ 45,685

$ 50,839

$ 63,903

[1]

Excludes divisions classified as discontinued operations. See Note 3, Changes in Business.

BUSINESS SEGMENTS (Long-Lived A

BUSINESS SEGMENTS (Long-Lived Assets by Geographic Area) (Details) - USD ($) $ in Thousands	Aug. 31, 2017	Aug. 31, 2016	Aug. 31, 2015
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-Lived Assets	$ 1,155,238	$ 987,420	$ 1,059,564
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-Lived Assets	968,361	803,245	860,784
Europe
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-Lived Assets	183,025	177,778	189,796
Australia/New Zealand
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-Lived Assets	$ 3,852	$ 6,397	$ 8,984

QUARTERLY FINANCIAL DATA (UN104

QUARTERLY FINANCIAL DATA (UNAUDITED) (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended																12 Months Ended
		Aug. 31, 2017		May 31, 2017		Feb. 28, 2017		Nov. 30, 2016		Aug. 31, 2016		May 31, 2016		Feb. 29, 2016		Nov. 30, 2015		Aug. 31, 2017	Aug. 31, 2016	Aug. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
Net sales		$ 1,260,981	[1]	$ 1,260,700	[1]	$ 1,053,903	[1]	$ 994,091	[1]	$ 1,102,646	[1]	$ 1,110,790	[1]	$ 913,894	[1]	$ 1,050,188	[1]	$ 4,569,675	$ 4,177,518	$ 5,424,413
Gross profit	[1]	111,585		162,772		148,239		123,814		158,405		164,339		125,935		148,221
Net earnings (loss)		$ (29,540)		$ 39,266		$ 30,332		$ 6,275		$ (131)		$ 19,328		$ 10,502		$ 25,063		$ 46,332	$ 54,762	$ 79,443
Basic EPS		$ 0		$ 0.34		$ 0.26		$ 0.05		$ 0		$ 0.17		$ 0.09		$ 0.22		$ 0.40	$ 0.48	$ 0.68
Diluted EPS		$ (0.25)		$ 0.34		$ 0.26		$ 0.05		$ 0		$ 0.17		$ 0.09		$ 0.21		$ 0.39	$ 0.47	$ 0.67
[1]	Excludes divisions classified as discontinued operations. See Note 3, Changes in Business.

SCHEDULE II _ VALUATION AND 105

SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS AND RESERVES (Details) - USD ($) $ in Thousands		12 Months Ended
		Aug. 31, 2017	Aug. 31, 2016	Aug. 31, 2015
Allowance for doubtful accounts
Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period		$ 6,427	$ 9,033	$ 5,908
Additions, Charged to Cost and Expense		7,108	6,878	4,142
Additions, Charged to Other Accounts	[1]	1,074	1,007	306
Deductions, Charged to Cost and Expense		(1,059)	0	(661)
Deductions, Charged to Other Accounts	[2]	(4,885)	(10,491)	(662)
Balance at End of Period		8,665	6,427	9,033
Deferred tax valuation allowance
Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period		153,011	79,965	69,762
Additions, Charged to Cost and Expense		127,660	74,114	17,746
Additions, Charged to Other Accounts
Deductions, Charged to Cost and Expense		(6,680)	(1,068)	(7,543)
Deductions, Charged to Other Accounts
Balance at End of Period		$ 273,991	$ 153,011	$ 79,965
[1]	Recoveries and translation adjustments.
[2]	Uncollectable accounts charged to the allowance. For the years ended August 31, 2017, 2016 and 2015, $(1,841), $(1,401) and $(1,695) were reclassified to the fair value of the deferred purchase price under our sale of accounts receivables program, respectively.

SCHEDULE II _ VALUATION AND 106

SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS AND RESERVES (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Aug. 31, 2017	Aug. 31, 2016	Aug. 31, 2015
Allowance for doubtful accounts
Valuation and Qualifying Accounts Disclosure [Line Items]
Amounts reclassified to the fair value of the deferred purchase price	$ (1,841)	$ (1,401)	$ (1,695)